Charlie Lee Sold All His LTC, Litecoin Founder Cites Conflict of Interest

Charlie Lee, the man behind Litecoin's creation, announced that he has sold all of his LTC holdings in a Reddit post, saying that it is a conflict of interest for him to possess the cryptocurrency while commenting on it.

Charlie Lee, the man who gave us Litecoin and the former director of engineering at Coinbase, just decided to offload all of his LTC holdings in an announcement that he made publicly.

“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,” he wrote.

He added that he possesses some of these physical coins as collectibles.

In his post on Reddit announcing his sale, he explained that he viewed his holding of the currency as a conflict of interest.

It wasn’t just him, however, who saw things this way.

“Whenever I tweet about Litecoin price or even just good or [bad] news, I get accused of doing it for personal benefit. Some people even think I short LTC! So in a sense, it is [a] 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 doubt on whether any of my actions were to further my own personal wealth above the success of Litecoin and crypto-currency in general,” he added.

The news came as a bit of a shock, as just two days ago, Lee wrote a tweet in which he was excited about getting a gold Nano S hardware wallet that stores Litecoin.

During the days in which Lee said that he was selling and donating his holdings, the cryptocurrency hovered above its astronomical height of $300. For the rest of the year before this month, it has never even reached $100.

Some would suggest that this means that Lee saw this as an opportune moment to sell since it would pad his coffers at its current price.

However, we don’t, as of yet, really know just how many LTC Lee had the moment he began selling them.

“I have some. More than most (I’m guessing) but a lot less than some of the wealthy Litecoin holders out there. I want to think that litecoins are very fairly distributed,” he said, commenting on a post in Reddit where someone asked how many Litecoins he has.

In his more recent Reddit post, where he announced the sale, he even told people not to ask him about these details:

"Please don’t ask me how many coins I sold or at what price. I can tell you that the amount of coins was a small percentage of GDAX’s daily volume and it did not crash the market.”