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The creator of Litecoin gets rid of all its LTC

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December 21, 2017 | 

992 Views | 

Joanna Newman | 

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Litecoin has seen strong rises in recent days and today traded around 312 USD.

However, its creator Charlie Lee has announced to have gotten rid of all the LTC parts he owned.

What drove Charlie Lee to get rid of his LTC?


Charlie Lee explained his decision in a Reddit article.

In fact, for him, it is a question of defending oneself from the accusations of which he was the object until now.

More specifically, the creator of crypto currency had become accustomed lately to write tweets. These tweets concerned the price of Litecoin, or the good or bad news about the currency.

But in reality, according to his detractors, these tweets had no other purpose than his personal enrichment.

That's why he explains his decision:

"Whenever I tweet about the price of Litecoin ... .I am accused of doing it for personal gain. Some people even think that I am short of LTC. So in a sense, it's a conflict of interest for me to have LTC and tweet about it because I have so much influence. "

In his explanations, Lee also claims to be comfortable enough to no longer need Litecoin for his financial success.

As a result Charlie Lee has sold or given all his LTCs in the last few days. (He would still have kept a few in a wallet as collectibles.) The amount of coins sold or donated is not known, but would represent, according to him, only a small percentage the total volume of transactions.

The creator of Litecoin will continue the development of the currency


Originally, Lee, a former employee at Google, had considered Litecoin as a currency for quick transactions.

More recently, the creator of crypto currency had proposed a very interesting technical roadmap. This included the Segregated Witness scaling originally planned for for Bitcoin.

Today, Lee says he is not leaving Litecoin, and instead wants to spend time developing and succeeding.

The market capitalization of Litecoin is currently $ 28 billion.

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