As incredible as it may seem, Charlie Lee known as the great founder of Litecoin decided to no longer hold the currency he created. He announced this sale on Twitter, to everyone's surprise.
The founder of Litecoin ... no longer has a single Litecoin!
Charlie Lee has indeed sold and given all the LTCs he owned so far, and he announced it himself on Twitter and Reddit.
It is especially on Reddit that he will have chained the messages:
"Please do not ask me how many LTCs I have sold or at what price, I can tell you that the amount of coins was a small percentage of the daily GDAX volume and that it did not fall the market. I have a little. More than most (I guess), but much less than some of the richest Litecoin owners. I like to think that litecoins are very evenly distributed. Charlie Lee
The reasons for the sale
Although he did not reveal how much LTC he sold, the former Engineering Director at Coinbase did not hesitate to explain the reasons for his actions. According to him, all this is due to a conflict of interest.
"Every time I tweet about the price of Litecoin or announce good or bad news, I am accused of doing so for personal gain. Some people even think that I shorte the LTC. So, in a sense, if I have so much influence, it's a conflict of interest for me to hold and comment on CTLs. Charlie Lee
Indeed, Mr. Lee has more than 380,000 followers on Twitter and scrutinize the information and ads published by the creator of Litecoin, as the time he claimed his opposition to the hard fork Segwit2x.
Lee will always be dedicated to Litecoin
Often accused of influencing the price of digital currency, he who is considered "the father of the LTC" refuted these allegations.
"I have always refrained from buying and selling CTLs before or after my important tweets, but no one can know it except me. Charlie Lee
Finally, Charlie Lee was anxious to assure Litecoin users that all this does not mean that he leaves the ship, on the contrary. The developer - who had left Coinbase to focus on the LTC - said he will continue to work on the cryptocurrency he created. Since money is no longer a problem for him, he explained that in his view, the technological success of Litecoin now matters more than its economic success.
Be that as it may, Lee has potentially gained a big bang by selling his LTCs, knowing that the price of the currency has gone from $ 100 to $ 300 in less than a week.