Charlie Lee, the creator of Litecoin, announced he sold and donated all the litecoins he had in his possession. This decision came as a result of accusations that he used his influence to manipulate the market of this cryptocurrency.
According to Lee, every time he made comments on the price of Litecoin on social networks, he was accused of using his influence to provoke reactions on the market which brought him benefits. The creator of Litecoin denied these accusations and decided to make a radical move.
Charlie Lee decided to step aside and during the last year he tried not to write tweets about the price of Litecoin. This was hard for him since the price is an important aspect when it comes to Litecoin growth. Nevertheless, every time he would mention the price of the cryptocurrency, he was accused of doing it for his own benefit.
All this led Lee to the decision to get rid of all of his litecoins. Lee said: “Because of this, I have sold and donated all my litecoins. Litecoin brought me good things when it comes to my finances and I no longer have to connect my financial well-being with the success of Litecoin. For the first time in six years, I do not have a single litecoin that is not physical (I have a few Litecoins kept as memorabilia).”
At the same time, Lee said he would not abandon Litecoin altogether. He will continue working on it and expects to get different types of compensation from the success of his cryptocurrency and not by owning coins. Charlie Lee did not say anything about the quantity of coins donated and sold, nor the price. He only said the transactions did not cause any turbulence on the Litecoin market.
The current price of Litecoin on the market is around 322 dollars. There are more than 54 million litecoins out there, with the total market capitalization of more than 17 billion dollars.