Litecoin founder just sold all his litecoin, citing “a conflict of interest”

Litecoin founder Charlie Lee introduced on Reddit these days that he had divested most of his litecoins, that are an alternative to Bitcoin. He cited “a war of hobby” for him to continue buying and promoting Litecoin at the same time as tweeting approximately it because he has “so much influence.”

Lee says he offered and donated all his litecoins, which makes it the first time in six years that he doesn’t personal a single litecoin that’s now not stored in a bodily coin. He did not percentage the exact amount offered however stated that he may proceed to paintings on Litecoin and when the foreign money succeeded, he might “still be rewarded in a number of alternative ways, simply not directly by way of possession of cash.”

It’s uncommon for a founding father of a huge cryptocurrency to publicly divest themselves from their holdings. Satoshi, the founding father of Bitcoin, is still obscured from the public eye, even as Vitalik Buterin, founding father of Ethereum, nonetheless owns a lot of ether and stays energetic on social media.

Many on Reddit doubted Lee’s intentions for divesting. One consumer wrote that he had misplaced religion in Litecoin after Lee’s divestment, announcing, “Generally in finance, a founder promoting out his stake is an overly BAD indicator for his belief of long run performance.”

Some even hypothesized that Lee pulled out of Litecoin in order to invest extra in Bitcoin Money, and accused him of insider buying and selling. Lee responded to such accusations with a tweet and an replace to his Reddit observation, strongly denying that he had any involvement with the Coinbase Bitcoin Cash insider buying and selling allegations.

to those saying i bought BCH with insider information, please forestall. I had no info. I offered the entire BCH I WILL the moment it used to be tradable on exchanges. And j just sold my 2 caught BCH on Coinbase at $5000 each. Just Right riddance!

— Charlie Lee LTC (@SatoshiLite) December 20, 2017

“Don’t concern. I’m no longer quitting Litecoin,” he wrote, then later brought, “As you’ll see, a few folks even think I’m pumping Bcash Bitcoin Cash for my personal benefit. it sort of feels like I simply can’t win.”

One litecoin is currently value $325.13, which is not an important modification from before Lee’s declaration the day past. We’ve reached out to Lee for comment and can update this story if we listen back.

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