Charlie Lee, the founder of Litecoin, has announced that he has now sold or donated all of his litecoin (LTC), excepting a few litecoin in physical collectibles.
Lee went to Reddit to talk about his predicament, and why he chose to liquidate all of his holdings in a coin that he created:
“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.”
Lee argues that it was a conflict of interest, to both hold and tweet about Litecoin due to the amount of influence he holds. While he assures that he would refrain from buying or selling the altcoin before or after any major tweets, there was no way to be sure of that, and only Lee himself would only know. Regardless of his intentions, there would always be questioning of his intentions, and whether it’s for his personal wealth or success for the cryptocurrency in general he concludes.
It had gotten to the point that some would accuse Lee shorting his own coin, and most recently, of pumping bitcoin cash on GDAX/Coinbase platforms, with Coinbase currently investigating employees for signs of insider trading. Lee makes it clear that this post was made before the bitcoin cash situation occurred, however.
Lee assures that the cryptocurrency has made him financially well off enough to “no longer need to tie my financial success to Litecoin’s success.” While he no longer has holdings, Lee will continue to work on the development and growth of the altcoin, and that it’s success will still continue to reward him, even if he owns no coins himself.
“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 has not made public the amount of coins he sold, or at what price but assures that it was only a small percentage of GDAX’s daily volume and that it has not caused any crash to the price of litecoin.