Litecoin founder Charlie Lee has announced that he has sold all his Litecoin to avoid ‘conflicts of interest’, as his statements could affect the price of the cryptocurrency.
In a surprising move, Litecoin founder Charlie Lee has announced that he has either sold or donated the entirety of his Litecoin in a bid to defuse a potential conflict of interest and minimise his impact on the price of the cryptocurrency.
In a statement published on Reddit, Lee offered that the move was motivated by his desire to fully separate his own opinions and actions from the cryptocurrency’s price movements.
— Charlie Lee [LTC] (@SatoshiLite) December 20, 2017
Lee’s statement reads as follows:
“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.”
Lee has asserted, however, that despite the fact that he no longer holds any LTC, he will remain committed to Litecoin for the foreseeable future.
Litecoin’s price remains buoyant, having risen by nearly 300% in the past month alone. At the time of writing, the cryptocurrency remains steady and is trading above the $320 USD mark.
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