The former director of engineering at Coinbase and Litecoin (LTC) founder, Charlie Lee, has just announced that he sold almost all of his LTC. Lee founded the altcoin back in 2011 and only wants to keep a few physical coins, as collectibles. Lee expressed his move on Reddit, in hopes of avoiding a conflict of interest being the digital currencies’ founder.
Lee is seen as a leader in the cryptocurrency space and currently has over 387,000 followers. In the past, he has been accused of using his social media platform for his own gains when he would tweet about specific cryptocurrency news. The founder thus admitted that his position is a conflict of interest, hence the need to sell all of his holdings.
Lee states in the Reddit post:
“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 conflict of interest for me to hold LTC and tweet about it because I have so much influence.” Lee wrote.
It is unclear how much he actually owned but it had to have been a small percentage of daily volume, as it hasn’t crashed the market. Lee states that even though he sold it all, his main focus will now be where Litecoin is headed.
With the latest news about Bitcoin Cash and “insider trading,” he is now being accused of trading his Litecoin in for the Bitcoin spin-off which jumped in price almost 75 percent, in the last 24 hours. He took to Twitter (NYSE:TWTR) immediately to dispute the claims but the timing may just be a coincidence.
Like most of the other cryptocurrencies, Litecoin has had a monumental year. At press-time, it is currently selling at $322.97 a coin, down -9.96 percent for 24 hours. Year-to-date LTC is up 7061.19 percent, with its current market cap well over $17.5 billion.
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