Founder of litecoin Charlie Lee has informed the community today that he no longer has any meaningful direct exposure to the cryptocurrency, having sold and donated all his LTC holdings in recent past days. Writing on Reddit he explains that this was done to avoid the appearance of a conflict of interest when promoting LTC as someone with so much social influence.
Lee reassures his followers that this does not mean he is quitting litecoin and will still spend all his time working on the cryptocurrency he created. Lee also explains that he will continue to benefit from the growth of litecoin – just not by holding the cryptocurrency itself.
“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.”
While he claimed to “always refrained” from buying and selling litecoin close to “major tweets,” his actions could be perceived as aimed to boost his own personal wealth “above the success of litecoin and crypto-currency in general,” Lee explained.
As a result, Lee said has sold off or donated his litecoin holdings in recent days, barring a few physical litecoins being kept as “collectibles.” Lee added that the amount of litecoin he sold was “a small percentage” of the cryptocurrency’s global trading volume.