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Litecoin Founder Charlie Lee Has Sold All Of His Litecoin (LTC)

Litecoin founder dumps his LTC holdings in an effort to silence critics.

litecoin-ltc-keychain charlie lee sells litecoin

Former director of engineering at Coinbase, Charlie Lee, announced late last night that he is selling almost all of his Litecoin (LTC) holdings, the very cryptocurrency that he founded in 2011.

Lee cites conflict of interest as a main reason why he chose to sell off his LTC holdings, writing in a post on reddit:

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 bads 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. I have always refrained from buying/selling LTC before or after my major tweets, but this is something only I know. And there will always be a doubt on whether any of my actions were to further my own personal wealth above the success of Litecoin and crypto-currency in general.

For this reason, in the past days, I have sold and donated all my LTC. Litecoin has been very good for me financially, so I am well off enough that I no longer need to tie my financial success to Litecoin’s success. For the first time in 6+ years, I no longer own a single LTC that’s not stored in a physical Litecoin. (I do have a few of those as collectibles.) This is definitely a weird feeling, but also somehow refreshing. 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.

Please don’t ask me how many coins I sold or at what price. 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.

UPDATE: I wrote the above before the recent Bcash on GDAX/Coinbase fiasco. As you can see, some people even think I’m pumping Bcash for my personal benefit. It seems like I just can’t win.

The news comes as a shock to the industry but there’s hope that this should not have long term affects on Litecoin (LTC), the fifth largest cryptocurrency in the world according to CoinMarketCap.

litecoin ltc chart

Litecoin (LTC) has seen exponential growth over Q4 2017.

 

Featured Image: BTC Keychain/Flickr UNDER A CC BY 2.0 LICENSE (IMAGE HAS BEEN MODIFIED)

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