Litecoin founder Charlie Lee has announced in a Reddit post that he had sold all litecoins he owned. The decision to divest in the cryptocurrency that he founded was taken as there is a ‘conflict of interest for [him] to hold LTC’.
“For this reason, in the past days, I have sold and donated all my LTC (litecoin). 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 said in the post.
Lee said that he usually refrains from posting price-related tweets but it is hard not to in the current scenario. The price of litecoin has tripled in this month alone.
“And whenever I tweet about litecoin price or even just good or bad news, I get accused of doing it for personal benefit. Some people even think I short LTC!” he said.
Here's the full post:
Litecoin price, tweets, and conflict of interest from litecoin
For the first time in over six years, Lee will have no litecoins in his wallets. He, however, has kept a few litecoins in physical form “as collectibles”.
The former Coinbase employee said that he was not quitting litecoin and will keep working on his brainchild.
“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 added.