Bitcoin, Cryptocurrency And Blockchain News

Litecoin Founder Charlie Lee Sold All Of His Coins

Lee has been accused of shorting LTC.


Charlie Lee took to Reddit and Twitter to inform people that he no longer holds any Litecoin.

Lee wrote that he sold and donated all of his LTC in the past few days. No one knows the exact amount he owned since he didn’t explicitly state the number. He explained that he had been trying to avoid talking about Litecoin’s price but was finding it harder to do so. And his positive or negative tweets were always met with accusations that he was using social media for ‘personal growth’.

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.

Lee explained that selling/donating his Litecoin did not affect his financial situation as he was ‘well off enough’. But he plans on working for the cryptocurrency just like he used to.

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.

He asked his followers to avoid asking him how many coins he had or at what price he sold them. The only hint he gave was that it was “a small percentage of GDAX’s daily volume and it did not crash the market.”

However, his post was met with confused and angered people who claimed that they are going to sell their Litecoin as soon as possible. Others called his announcement a ‘sell trigger’ or a cryptic warning from the founder to the followers to dump LTC. Mostly, people stated that he knew Coinbase was starting Bitcoin Cash trading since he used to work at the company, and so he sold his coins at an extremely high price.

Lee went on to edit his post to clarify the accusations: “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.”