Charlie Lee Sells Litecoin Stake
Charlie Lee won’t disclose how much Litecoin he owned, but all of the founder’s stake has been sold or donated as of today. Earlier this morning, Charlie Lee explained how he believes his stake in LTC is a conflict of interest.
Whenever I tweet about Litecoin price or even just good or bad news, I get accused of doing it for personal benefit
Lee says he sold and donated his Litecoin which makes it the first time in over five years that he hasn’t owned a single coin of his creation. Lee has yet to disclose just how much Litecoin he owned. This is one of the first times a founder of a cryptocurrency has divested themselves completely. Unfortunately, many on Reddit and Twitter doubt Lee’s intentions for divesting and investors are concerned for tough times ahead. Despite the negative press, Lee insists he has a lot of “skin in the game” and he wants it to succeed more than anyone.
The Bitcoin Cash Conspiracy
Many cryptocurrency investors believe Lee sold his LTC stake to invest in the rival Bitcoin Cash. The current news around Coinbase’s Bitcoin Cash insider trading allegations isn’t helping Lee but he has been defending his intentions on social media.
Unfortunately for the cryptocurrency space, not all discussions are civil and Lee’s timing of divestment in relation to Coinbase enabling BCH has caused the majority of the backlash. Overall, Lee’s intentions around divesting his LTC seem rather stoic, it will be interesting to see if any other founders in the industry follow.