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Creator Charlie Lee Sells Off Litecoin




After it climbed to an all-time high, Litecoin's creator decided to sell.

Charlie Lee, creator of Litecoin, says he's cashed out, having sold practically all of his Litecoin holdings.

After Litecoin recently hit an all-time high, trading at one point over $370 on December 19, 2017, Lee decided to take his earnings out of the market. Lee said he wanted to avoid a "conflict of interest" apparently stemming from influence his comments on social media may have on Litecoin. Lee did not disclose how much Litecoin he sold, nor did he state the rate at which he sold it, but maintained that his activity "did not crash the market."

Reflecting on the cryptocurrency's growth and his own financial stability, Lee stated, "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."

Apart from a small amount stored on a few physical collector's coins, Lee said, "For the first time in 6+ years, I no longer own a single LTC."

While the sale of Lee's Litecoin reserve may not have affected the market directly, it may indirectly sway sentiment of traders and cause, as Lee put it, a "short-term dip due to people losing faith thinking that I've lost faith." Lee went on to assert that his decision will yield benefits for Litecoin in the long run and that he's "still working on litecoin full time. That hasn't changed," and now he "will be more focused and less distracted by price."

However, not everyone in the community believes that Lee's motives are quite so altruistic. Social media allegations posit that Lee's sale of Litecoin may have been connected to Coinbase's somewhat tumultuous launch of bitcoin cash trading. Those that voiced dissent led the crypto creator to follow up with:

"As you can see, some people even think I'm pumping Bcash for my personal benefit. It seems like I just can't win."

Jeremy Nation

Jeremy Nation is a writer living in Los Angeles with interests in technology, human rights, and cuisine.

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