Litecoin News Today – October 12

  • The Ecosystem of Litecoin Has Been Affected By Many FUD Lately
  • Litecoin Foundation Has Strong Believers and Money Will Not be the Problem – Wang

Litecoin News Today – Xinxi Wang – the co-founder of the Litecoin Foundation – recently took to Twitter to resolve the controversy that has been circulating online since the financial audit of the Foundation was released. Litecoin Foundation’s financial audit data posted by u/Toyake – a Reddit user. The user posted a screenshot of the financial audit and the screenshot apparently showed “almost depleted in funds” in the first quarter of this year.

The published document revealed that the Litecoin Foundation got most of its income from merchandise sales, donations, and the forthcoming Litecoin Summit. The Litecoin Summit would take place in the next two weeks. There was a significant drop in donation numbers and Wang has attributed that fall to the stagnation in the market.

Litecoin (LTC) Price Today – LTC / USD

NamePrice
litecoin
Litecoin
$46.75-6.04%

The Ecosystem of Litecoin Has Been Affected By FUD Lately

The ecosystem of Litecoin has been affected by a lot of FUD (fear, uncertainty, and doubt) lately. This is mainly because the price of the digital currency failed to surge higher after the much-anticipated halving. The Litecoin Foundation came into existence back in 2017, six years after Litecoin came on board. Since the emergence of the Foundation, it has received a lot of strong criticisms. Most of the criticisms are directed towards inefficiencies over the balance of the business and how it is managed.

Via a tweet, A Board Director of the Litecoin Foundation – Wang – said:

We will do more if we have more money and do less with less money. We did not have a business model. And we have been trying to figure out ways to generate revenue to be self-sustaining. Let us know if you can help.”

Litecoin Foundation Has Strong Believers and Money Will Not be the Problem – Wang

In his tweet, the Litecoin co-founder said that irrespective of the fact that he is not being paid, the Litecoin Foundation has very strong believers and that money will not be a problem, as the team has a plan. The community has been trying to stir up conflict. However, the Managing Director of the Litecoin Foundation and Litecoin Founder – Charles Lee – has put the notion that the Foundation is wasting all the money on sponsorships to rest.

In the post, Lee said that the Foundation would release the latest financial records. He also clarified that the Litecoin Foundation has not paid a dime towards any sponsorships. In addition, Wang refuted speculations of a non-public deal worth $2.8 million with WEG bank.

Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.

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