In a Reddit post, Litecoin creator Charlie Lee disclosed that he has sold all of his Litecoin. Because there is a ‘conflict of interest for [him] to keep LTC,’ he decided to sell his stake in the cryptocurrency he invented.
“As a result, I’ve sold and donated all of my LTC in the last several days” (Litecoin). “Litecoin has been extremely beneficial for me financially, therefore I am well enough that I no longer need to relate my financial success to the success of Litecoin,” Lee said in the essay.
Lee said he typically avoids tweeting about prices, but it’s difficult not to do in the present situation. In just one month, the price of Litecoin has quadrupled.
“And whenever I tweet about Litecoin price or even just good or bad news, I get accusations of doing it for personal benefit. Some people even think I short LTC!” he said.
Here’s the full post:
Litecoin’s pricing, tweets, and potential conflicts of interest.
Lee will not have any Litecoin in his wallets for the first time in almost six years. He has, however, preserved a few Litecoin “as keepsakes” in tangible form.
The former Coinbase employee stated that Litecoin is not going away and that he would continue to work on it.
“I’ll continue to devote all of my attention to Litecoin.” If Litecoin succeeds, I will compensate in a variety of ways, but not directly through coin ownership. “I now think that this is the ideal method for me to continue to monitor the evolution of Litecoin,” Lee continued.
It is unusual for a cryptocurrency’s creator to divest and disclose it publicly. Vitalik Buterin, the creator of Ethereum, involves in the cryptocurrency and owns a considerable quantity of it. Though the originator of bitcoin, Satoshi Nakamoto, remains a mystery.
Many Reddit and Twitter users, on the other hand, questioned Lee’s choice, claiming that it reflected his lack of faith in Litecoin’s future possibilities.
“In finance, a founder giving out his ownership is typically an extremely BAD indication of future success.” “I was planning on extending my Litecoin position previous to today, even with bitcoin cash arriving on Coinbase,” a Reddit user commented on Lee’s article.
Lee also denied any involvement with the alleged insider bitcoin cash trade at Coinbase.
“Please don’t accuse me of buying BCH on insider information. I was completely unaware of the situation. When Bitcoin Cash (BCH) became tradable on exchanges, I sold as much as I could. I recently sold my two trapped BCH for USD 5000 each on Coinbase. That’s it!” In a tweet, Lee expressed his feelings.