Litecoin Creator Sells Off Cryptocurrency, Donates HoldingsCC BY 2.0 / BTC Keychain / LitecoinBusiness21:47 20.12.2017(updated 21:48 20.12.2017) Get short URL330
In a Reddit post, Charlie Lee explained his move due to a perceived conflict of interest.
A software developer from San Francisco, Charlie Lee, who created the cryptocurrency Litecoin, has sold and donated all of his holdings.
“Over the past year, I try to stay away from price related tweets, but it’s hard because price is such an important aspect of Litecoin growth. And whenever I tweet about Litecoin price or even just good or bad news, I get accused of doing it for personal benefit. Some people even think I short LTC! So in a sense, it is conflict of interest for me to hold LTC and tweet about it because I have so much influence,” Charlie Lee wrote in his blog.
Lee sold off or donated his holdings in the cryptocurrency leaving only a few physical Litecoins as “collectibles.”
The owner refused to reveal the amount of money that he earned as a result of this sale. He did however say, “I can tell you that the amount of coins was a small percentage of GDAX’s daily volume and it did not crash the market.”
To all the people who have invested in the cryptocurrency, Lee assured them that he is not quitting Litecoin and will continue to work on it.
“Don’t worry. I’m not quitting Litecoin. I will still spend all my time working on Litecoin. When Litecoin succeeds, I will still be rewarded in lots of different ways, just not directly via ownership of coins. I now believe this is the best way for me to continue to oversee Litecoin’s growth,” Lee said on Reddit.
Over the past year, Litecoin has risen in price by 75 times. By market capitalization, it is among the five most popular cryptocurrencies.
Litecoin is trading at around $317, having achieved a new all-time high of $375.29 on December 19.