Litecoin Takes a 10% Dip As Creator Charlie Lee Sells Complete Stake Sighting Conflict Issues
In last one week, Litecoin was on a wild upswing with the altcoin price shooting by over 200% taking it to a new all-time high of $370.15, as per our data. Because of this continuous rally in the cryptocurrency prices, Litecoin has managed to hog a lot of limelight and currently holds a market cap of $17 billion.
Today, in what might come as a surprise and a bit of disappointment to many, Litecoin creator Charlie Lee has announced that he has completely unloaded all of his Litecoin holdings via donation and selling.
The creator made this announcement of a Reddit post where he states: “In the past days, I have sold and donated all my LTC. 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. For the first time in 6+ years, I no longer own a single LTC that’s not stored in a physical Litecoin.”
However, Charlie has made it clear that he still possesses some of the physical coins in the form of collectibles. Charlie later tweeted his decision to all of his 387K followers.
Charlie in his post mentions that one of the major reason to arrive at this decision was to avoid conflict of interest while promoting LTC as one having a lot of social influence. He writes: “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! So in a sense, it is [a] 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 doubt on whether any of my actions were to further my own personal wealth above the success of Litecoin and crypto-currency in general.”
However, he has made it clear that this does not mean that he will stop working on the cryptocurrency further but will rather all of his time bringing further developments to the platform. He said that he is in comfortably stable with his own personal finances and hence will focus further on the development process.
He writes: “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.”
With Litecoin creator Charlie leaving the investor platform a 10% correction is seen in the Litecoin price and is currently trading around close to $300.