The creator of Litecoin, Charlie Lee, has revealed on social networks that he sold and donated all his Litecoin (LTC) properties in recent days. The announcement was intended to show that he no longer has a conflict of interest in the promotion of altcoin, however, the reactions have been negative against the character.
Handling the LTC market?
Charlie Lee has informed the community that he no longer has any significant direct exposure to the cryptocurrency, having sold and donated all his LTC properties in recent days. In a Reddit publication, Lee explains that this was done to avoid the appearance of a conflict of interest, since his power of influence makes him the center of accusations about manipulation of the price of the cryptocurrency through his statements.
Lee assures his followers that this does not mean that he is not using Litecoin anymore and that he will continue to devote all his time to the cryptocurrency that he created. He also explains that he will continue to benefit from the growth of the asset, only that he will not have possession of the cryptocurrency itself.
In his announcement, Lee explains that during the last year he tried to avoid making public statements on Twitter about the price of LTC, since he is always accused of doing so to raise or lower the price in order to improve his personal position in the markets . He also explains that he is now in such a prosperous situation that he does not need to get more economic benefits from keeping LTC and can afford to make this decision.
Unfortunately, not everyone in the cryptocurrency community is accepting the logic of Lee, who is little known for his debates on social networks. The moment the ad was published, as soon as Coinbase and Gdax added support for Bitcoin Cash (BCH), is the main source of reaction. Lee left Coinbase in June, where he was Director of Engineering.