Litecoin founder Charlie Lee announced on Reddit today that he had divested such a lot of his litecoins, which are an alternate to Bitcoin. He cited “a warfare of passion” for him to continue buying and selling Litecoin whilst tweeting about it as a result of he has “so much influence.”
Lee says he sold and donated all his litecoins, which makes it the primary time in six years that he doesn ’t personal a single litecoin that ’s not saved in a physical coin. He did not share the precise quantity bought however said that he might proceed to work on Litecoin and while the currency succeeded, he might “nonetheless be rewarded in plenty of different ways, just not directly by means of possession of coins.”
It ’s uncommon for a founder of a huge cryptocurrency to publicly divest themselves from their holdings. Satoshi, the founding father of Bitcoin, is still obscured from the general public eye, whilst Vitalik Buterin, founder of Ethereum, nonetheless owns a lot of ether and stays energetic on social media.
Many on Reddit doubted Lee ’s intentions for divesting. One person wrote that he had lost faith in Litecoin after Lee ’s divestment, pronouncing, “Typically in finance, a founder promoting out his stake is an excessively BAD indicator for his belief of long term performance.”
A Few even hypothesized that Lee pulled out of Litecoin so as to invest more in Bitcoin Money, and accused him of insider buying and selling. Lee answered to such accusations with a tweet and an update to his Reddit statement, strongly denying that he had any involvement with the Coinbase Bitcoin Money insider buying and selling allegations.
to those announcing i purchased BCH with insider news, please stop. I had no information. I offered all of the BCH I CAN the moment it was once tradable on exchanges. And j just sold my 2 stuck BCH on Coinbase at $5000 each. Just Right riddance!
— Charlie Lee LTC (@SatoshiLite) December 20, 2017
“Don ’t fear. I ’m no longer quitting Litecoin,” he wrote, then later delivered, “As you’ll be able to see, a few folks even suppose I ’m pumping Bcash Bitcoin Cash for my non-public benefit. it sort of feels like I simply can ’t win.”
One litecoin is currently worth $325.13, that’s now not an important change from ahead of Lee ’s declaration the day gone by. We ’ve reached out to Lee for comment and will update this story if we pay attention back.