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On The Blockchain

Dedicated to Bitcoin, Altcoins, and other areas that do or should use blockchain technology

Litecoin Creator Announces He’s Sold All of His Coins

Litecoin Creator Announces He’s Sold All of His Coins

December 20, 2017 By Derek Andonian Last Edited: June 21, 2018

Citing concerns over possible conflict of interest, Litecoin creator Charlie Lee announced on Reddit earlier that he had either sold or donated all of his Litecoins.  He explained that some people seemed to be concerned about the amount of influence he was having over the price of Litecoin by promoting it, and may see him as being very motivated to get people to buy it to raise the price if he’s holding onto a lot of them.  Charlie explained that he wasn’t going away, and would continue to promote the currency- he just doesn’t own any himself now.
It appears this announcement was made before the Bitcoin Cash fiasco at Coinbase.  It sounds like that may have played a role though- since Lee was a former Coinbase employee, it sounds like some people are wondering if he had inside knowledge on what was about to happen.  That seems unlikely though, given the sensitive nature of the information.
While some may be skeptical of this move, others will likely find it very encouraging.  In the midst of a noisy crowd of ICO offerings shouting for attention, it’s great to see a well known coin creator just trying to change the world.

Filed Under: News Tagged With: Altcoins, Litecoin, Markets

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