Litecoin Founder Charlie Lee announced his decision to sell and donate LiteCoin on Reddit to avoid conflicts of interests that come with his influence as founder. He is not quitting Litecoin though but he has massive influence in the cryptocurrency space. Further he stated
“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 conflict of interest for me to hold LTC and tweet about it because I have so much influence.”
Lee has also explained that he has refrained from buying and selling LTC before or after his major tweets. Owning and Tweeting LTC would come with conflicts such as for instance the doubt. Whether he was pursuing excellence of his personal wealth of success of Litecoin.
LTC-Top cryptocurrencies over the years
The coin has grown to become one of the top cryptocurrencies over the years — now world’s fifth larger cryptocurrency. At the price of $281 at the time of writing this, the coin has a market cap of more than $15 billion, up from just $4.36 on January 1, 2017. The price of the coin has risen from below $50 in the last three months according to CoinMarketCap data.
“When Litecoin succeeds, I will still be rewarded in lots of different ways, just not directly through ownership of coins. I now believe this is the best way for me to continue to oversee Litecoin’s growth.”
His brother Lee Bobby is the founder of China’s largest exchange BTC China.