The creator of the Litecoin cryptocurrency Charley Lee has sold all his coins to avoid being accused of manipulating Litecoin’s cost. He posted about it on Reddit.
Charley Lee says he has been trying not to post anything connected with the cryptocurrency in social networks, but it was hard to do. The reason is the big importance of the Litecoin’s price as of a crucial aspect of its growth.
“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 wrote.
Litecoin’s creator also states that he has never bought or sold the cryptocurrency before or after tweeting, but he hasn’t been telling anyone about it. Charley Lee believes he will be always accused of affecting the cryptocurrency for his personal enrichment, which does harm to Litecoin and cryptocurrency in general.
“So, I sold and donated all of my Litecoin holdings over recent days. Litecoin has been very good for me financially, so I am well off enough that I no longer need to tie my financial success to Litecoin’s success,” Lee said. He kept only a few physical collection coins.
Some time later, Charley Lee asked on twitter the creator of Bitcoin, Satoshi Nakamoto, to follow his example and to sell his Bitcoin holdings.