Thursday, October 6, 2022

Litecoin Founder Charlie Lee Sells Entire LTC Holdings

Litecoin Founder Charlie Lee Sells Entire LTC Holdings

Litecoin creator Charlie Lee says he’s now sold or donated his entire LTC holdings — to avoid conflict of interest. Lee, who also was also a director of engineering at Coinbase, said “For the first time in 6+ years, I no longer own a single LTC that’s not stored in a physical location.”

Also read: Coinbase CEO Promises Investigation Into Insider Trading Allegations

Join the Bitsonline Telegram channel to get the latest Bitcoin, cryptocurrency, and tech news updates:

Lee explained: the reason to sell the cryptocurrency he founded in 2011 was only to ensure there remains no conflict of interest that can impact LTC price. Moreover, he justified the decision by explaining that, being the founder of the cryptocoin, people would always criticize his influence in raising or dropping its price and he ever shall be accused to do so for personal interest.

Lee has long faced such accusations. However he chose a very advantageous time to actually divest, with the LTC price rocketing from around $100 USD at the start of December to an all-time-high of $360.

His brother, Bobby Lee, is the founder and CEO of one of cryptocurrency’s longest-operating exchanges, BTCC. BTCC, then known better as BTC China, was one of the first major exchanges to support LTC trading, in 2014.

BTCC litecoin banner Lee brothers

No More Doubts on Charlie Lee

Lee, also a former Google employee, will always remain a significant influencer in the crypto world. Although he (mostly) kept himself away from tweeting about LTC prices directly, many have continued to accuse him for making statements that manipulate the LTC and other prices for personal gain.

The Litecoin founder also known as “SatoshiLite” revealed all his LTC had been sold and donated. He wrote “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.”

Lee Says ‘I Will Never Quit on Litecoin’

He added, he would never quit on Litecoin, and explained his decision to sell all LTC is very significant for Litecoin’s growth. Lee said: “I will still spend all my time working on Litecoin.” Additionally, he noted Litecoin’s success will still reward him indirectly, though not by ownership of the actual tokens.

Charlie Lee Litecoin
Charlie Lee

Lee stated he shall not answer any questions concerning how much, and for what price, the coins were sold. Although, he pointed out that his holdings were a fraction of GDAX’s daily volume. He assured followers that his move of selling LTC did not crash the crypto market — which it provably didn’t. At press time, LTC remains high at $335.

In conclusion, he said: “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.”

Meanwhile, CTO and Safello exchange co-founder Emil Oldenberg also revealed this week that he’s sold all his “unusable bitcoin” holdings — for Bitcoin Cash. He said: “It is an extremely high risk. I’ve sold all my bitcoin recently and switched to Bitcoin Cash” as the native Bitcoin network is “virtually unusable.”

Do you believe Charlie Lee’s decision is on the right track? Let us know your opinion in below comments section.

Images via Pixabay, Twitter, BTC China

Bitsonline Email Newsletter