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Did Litecoin Creator Charlie Lee really sell all his Litecoin?

Dec 21, 2017 Posted /  5231 Views

Did Litecoin Creator Charlie Lee really sell all his Litecoin?

Litecoin creator and the former director of engineering at Coinbase, Charlie Lee has confessed on social media that he sold and donated all his LTC holdings in the last few days. The proclamation was predestined to reveal that he no longer is focusing or encouraging the use of altcoin, however, the timing has generated some criticism against Lee.

When Charlie Lee informed the community that has sold and donated all his LTC holdings in last few days, there were several articles targeting the Litecoin Founder. While writing on Reddit, he elaborated that this was done to steer clear of any conflict of interest when promoting LTC as someone with such great social influence.

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However, Lee restored confidence with his followers and clarified that he is not quitting litecoin and will still spend all his time on the cryptocurrency he created. Further, he explained that he would continue to profit from the advancement of litecoin, however, just not by holding on the cryptocurrency.

Why the Timing was wrong?

Lee explained in his pronouncement that in more than a year he continually tried not to make any public statements on Twitter or any other social media platform about the price of Litecoin, as he would every time be blamed of doing so to push the price up or down in order to enhance his personal position in the markets. He also explained that he gained enough and does not need to additional monetary gains from holding Litecoin, which is why he decided to advance with this move.

Nonetheless, not every person in the cryptocurrency space, which is barely known for its civil arguments at the finest of times, is tolerating Lee’s rationale. The time of his announcement, after Coinbase and Gdax listed Bitcoin Cash (BCH) trading, is the major reason for the criticism.

Lee had left Coinbase back in June from the position of Director of Engineering. Litecoin is at present the world’s fifth largest cryptocurrency, according to statistics provided by various price indexes, and has a total ‘market cap’ of more than $2 billion. At the time of writing the worth of Litecoin is $333.51 per coin, which is 76X from its price of $4.36 on January 1, 2017. Trading volumes of the coin have also reached exceptional levels at the immediate end of 2017.

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