The founder of Litecoin, Charlie Lee, has publicly stated that all of his holdings in the cryptocurrency world are being given to charity.
In a recent post, Lee, creator of a cryptocurrency with one of the largest market capitalizations of any cryptocurrency in the space, stated that he sold and donated his holdings in the currency. He stated that “for the first time in over six years, I no longer own a single LTC that’s not stored in a physical Litecoin.” He stated that his decision is partly due to a conflict of interest arising from public statements about the price movement for the currency.
Don’t Forget to Join our FREE Text list! From Your Cell Phone Text the Phrase CRYPTO to 474747
Recently, the creator appeared in an interview, just as the price of the currency managed to double in value in only two days. Many thought that this was a type of price manipulation, but Lee obviously continues to deny these allegations. He stated that “I have always refrained from buying/selling LTC before or after my major tweets, but this is something only I know.” He stated that there is doubt whether his personal actions were only made to increase the price, but these doubts are unwarranted.
Litecoin was initially launched to help bitcoin gold given the high amount of transactions on that blockchain network. His vision was for Litecoin to pick up some of the slack left behind by the more popular cryptocurrencies in the space. Instead of this occurring, his currency has managed to become one of the largest in the crypto world. Investors have been able to profit off of Litecoin rather than just using it as a safe-haven for cryptocurrency. The hopes are high that the price of Litecoin can stabilize somewhat, and help to contribute to the larger needed stabilization of the broader crypto market.