Litecoin inventor Charlie Lee “sold or donated” all of his Litecoin fortune to avoid the “conflicts of interest” that stem from his growth.
Six years later, only physical Litecoins remain
In a Reddit post today, Lee made the surprising admission after calling “allegations” that he engaged in various activities for “personal gain”.
Because of this, I’ve sold and donated all of my LTC in the past few days. Litecoin was very good for me financially, so I’m well enough that I no longer have to link my financial success to the success of Litecoin. […] For the first time in more than 6 years, I don’t have a single LTC that isn’t stored in a physical Litecoin.
Satoshi Nakamoto, your train. https://t.co/efKxK3coV4
– Charlie Lee [LTC] (@SatoshiLite) December 20, 2017
Lee’s creation has appreciated in value as part of a cross altcoin investment run that saw multiple assets hit new all-time highs.
At press time, 1 LTC was trading at around $ 327 in major markets, an annual increase that has even outpaced Bitcoin’s foray into the mainstream.
Lee: I’m not stopping
Lee had resigned from his position as US exchange Coinbase a few months earlier in order to fully concentrate on the development of Litecoin and confirmed that he would keep this role in the future, even though he had parted with his holdings.
“Do not worry. I’m not leaving Litecoin, ”he assured Redditors.
I will still be spending all of my time with Litecoin. If Litecoin is successful, I will still be rewarded in a lot of different ways, just not through owning coins directly. I now believe that this is the best way for me to keep monitoring Litecoin growth.
Lee refused to disclose how many coins he had sold and donated, but noted that the total value was “a small percentage of the daily GDAX volume”.
Litecoin appears to be weathering the recent Bitcoin Cash (BCash) storm, in which controversial investment volumes unsettled the markets. The emerging scandal has already hit GDAX and sister operation Coinbase as well as mainstream news channel CNBC, Bitcoinist reported earlier today.
Last week, Bitcoin.com CTO Emil Oldenburg also confirmed that he had sold all of his BTC holdings and traded for BCash.
What do you think of Charlie Lee’s decision to sell all of his Litecoins? Let us know in the comments below!
Images courtesy of AdobeStock, Charlie Lee / Twitter