- Litecoin founder Charlie Lee said in a Reddit post that he had sold all of his holdings in the cryptocurrency.
- Lee justified his decision with the criticism that his Twitter posts about the currency were attempts at personal gain.
- Lee says he will stay involved in Litecoin and cryptocurrencies in a broader sense.
LONDON – The creator of one of the largest alternative cryptocurrencies has given up its entire stake in digital currency, citing a “conflict of interest”.
Charlie Lee announced in a Reddit post on Wednesday that he had “sold and donated” all of his Litecoin holdings in the past few days. He said the move was motivated by criticism from people for trying to use his tweets to influence the price of Litecoin.
Lee wrote, “Whenever I tweet about Litecoin prices, or even good or bad news, I am accused of doing it for personal gain. Some people even think that I am shortening LTC! So, in a way, it is [sic] Conflict of interest for me to hold and tweet about LTC because of so much influence. “
Lee, a former employee of Google and Coinbase, created Litecoin in 2011 as a faster and cheaper alternative to Bitcoin. According to CoinMarketCap.com, it is the fifth largest cryptocurrency with a market capitalization of over $ 17 billion as of Wednesday morning.
“Litecoin has done me very well financially, so I’m well enough that I no longer have to tie my financial success to the success of Litecoin,” Lee said in his Reddit post.
Lee did not disclose how many Litecoins he sold at what price, but said his actions did not affect the price of the asset.
Litecoin was down over 6% against the dollar on Wednesday morning at 10:00 a.m. GMT (5:00 a.m. ET). The cryptocurrency had already fallen before Lee’s announcement, however, and his post doesn’t seem to have affected the price.
Lee said he would continue to devote himself to the Litecoin project and cryptocurrencies in general.
“I’m not stopping Litecoin,” he wrote on Reddit. “I will continue to spend all of my time working on Litecoin. If Litecoin is successful, I will still be rewarded in many different ways, just not directly through owning coins. I now believe this is the best way for me is, Litecoins will continue to monitor growth. “
You can read the full Reddit post here.
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