“Conflict of interests” – Litecoin’s founder acts

Kajetan Maćkowiak
Article by
SHARE THIS POST:

Charlie Lee is a co-founder of cryptocurrency – Litecoin. We call it a silver brother of Bitcoin, to read about this cryptocurrency – check our article.

Lee doesn’t stop only on creating a cryptocurrency that reaches almost 18 million $ of market capitalization. He is also the former director of engineering at Coinbase. As a real cryptocurrency enthusiast, he had a huge collection of different cryptocurrencies, mostly Litecoin.

As he is co-founder of cryptocurrency and has a high position at Coinbase, he is considered as an influencer in cryptocurrency society. His account on Twitter @SatoshiLite has now almost 400,000 followers. As this kind of fame is sometimes nice, he is accused of manipulating exchange rate of Litecoin via his tweets. That was the main reason of why he decided to stop raising the subject of Litecoin via his account. The community of cryptocurrencies didn’t see it as an attempt at being honest with them. Despite, every other tweet about different cryptocurrencies than Litecoin was considered – still – as an attempt of manipulation.

That’s why, Charlie Lee posted a statement via reddit, where he said:

“Over the past year, I try to stay away from price related tweets, but it’s hard because price is such an important aspect of Litecoin growth. And whenever I tweet about Litecoin price or even just good or bads news, I get accused of doing it for personal benefit. Some people even think I short LTC! So in a sense, it is conflict of interest for me to hold LTC and tweet about it because I have so much influence. I have always refrained from buying/selling LTC before or after my major tweets, but this is something only I know. And there will always be a doubt on whether any of my actions were to further my own personal wealth above the success of Litecoin and crypto-currency in general.”

To cut the accusations, Lee has decided to sell almost all of his LTC holdings to heat off his name.

“For this reason, in the past days, I have sold and donated all my LTC. Litecoin has been very good for me financially, so I am well off enough that I no longer need to tie my financial success to Litecoin’s success. For the first time in 6+ years, I no longer own a single LTC that’s not stored in a physical Litecoin. (I do have a few of those as collectibles.)” he added.

As he sold Litecoin, he admitted that his journey with LTC is not ending. He is going to still take care about the good of this cryptocurrency and take part in developing it.

“This is definitely a weird feeling, but also somehow refreshing. Don’t worry. I’m not quitting Litecoin. I will still spend all my time working on Litecoin. When Litecoin succeeds, I will still be rewarded in lots of different ways, just not directly via ownership of coins. I now believe this is the best way for me to continue to oversee Litecoin’s growth.” – as you can see, for Charlie Lee this is definitely a new, blank page of his life.

If you want to comment this article, visit our Blockchain24.co forum!

The blockchain24.co site shall not be held responsible for any consequences resulting from the use of data contained in the pages of the site.