Litecoin founder sells all his litecoins, cites 'conflict of interest'

Lee said that he usually refrains from posting price-related tweets but it is hard not to in the current scenario. The price of litecoin has tripled in this month alone.

Litecoin founder Charlie Lee has declared during a Reddit post that he had oversubscribed all litecoins he in hand. the choice to divest within the crypto-currency that he supported was taken as there's a ‘conflict of interest for [him] to carry LTC’.

“For this reason, within the past days, I actually have oversubscribed and given all my LTC (litecoin).

 Litecoin has been excellent on behalf of me financially, thus i'm rich enough that I now not ought to tie my monetary success to litecoin’s success,” Lee aforesaid within the post.

Lee aforesaid that he sometimes refrains from posting price-related tweets however it's arduous to not within the current state of affairs. the worth of litecoin has tripled during this month alone.

“And whenever I tweet regarding litecoin worth or perhaps simply sensible or unhealthy news, i buy defendant of doing it for private profit. Some folks even assume I short LTC!” he aforesaid.

For the primary time in over six years, Lee can haven't any litecoins in his wallets. He, however, has unbroken many litecoins in physical type “as collectibles”.

The former Coinbase worker aforesaid that he wasn't quitting litecoin and can keep functioning on his inspiration.

“I can still pay all my time functioning on litecoin. once litecoin succeeds, i'll still be rewarded in ample other ways, simply indirectly via possession of coins. I currently believe this is often the simplest approach on behalf of me to still administer litecoin’s growth,” Lee other.

It is not common for a founding father of a crypto-currency to divest and announce in public. Ethereum founder Vitalik Buterin remains invested with in Ether and owns a big quantity of the crypto-currency.

Though, the founding father of bitcoin, mysterious Satoshi has still not inherit public read.
Many of the guy users of Reddit and Twitter, however, doubted Lee's call and aforesaid that his divestment reflects zero-confidence in litecoin’s future prospects.

“Typically in finance, a founder commercialism out his stake may be a terribly unhealthy indicator for his perception of future performance.

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