Business 21 December 2017

Cecille de Jesus

Litecoin founder sold all his Litecoins, rumours of foul play circulate

Questions remain on where and how he liquidated his holdings, with some theorizing an exodus to Bitcoin Cash.

In a Reddit post yesterday, Litecoin founder Charlie Lee announced that he has “sold and donated” all his Litecoins (LTC), citing a conflict of interest as a reason.

Despite reiterating that he is still working on Litecoin full-time, users saw the announcement as something comparable to a company CEO (founder) selling off all his shares—which in the traditional business world would’ve caused massive panic.

Litecoin founder sold all his Litecoins, rumours of foul play circulate

 

 

Litecoin founder sold all his Litecoins, rumours of foul play circulate

According to Lee, although he has previously refrained from Tweeting about LTC’s trading value, any posts he makes are practically misconstrued as pushing a personal agenda to hopefully bump up his wealth when LTC rises in value.

In an effort to end such suspicions, he says he decided to sell and donate all of his LTC holdings, save for a few physical Litecoin that he keeps as “collectibles.” The move seems to have backfired however, as users went up in arms accusing him of even bigger market manipulation schemes.

Litecoin price, tweets, and conflict of interest from litecoin

Lee said all his mined LTC (and any succeeding LTC his ant miners mine) go to the LTC Foundation. But no information was provided on how and where he liquidated the rest of his assets. Did he liquidate them into fiat, or did he sell them off in exchange for a different cryptocurrency? While every individual has a right to privacy especially in terms of their assets, the announcement came off as a half-truth that did not sit well with users—critics and supporters alike.

Consequently, users took to Reddit suspecting something fishy.

Some users apparently accused him of getting involved in the recent Bitcoin Cash price fiasco—Coinbase is investigating whether any of their employees leaked or took advantage of advanced information on the Bitcoin Cash launch which led to prices spiking up ridiculously high (close to $9,000 compared to less than $3,000 in other exchanges at the time). Lee was the former director of engineering at Coinbase.

This prompted Lee to update his Reddit post to include that it was written prior to the Coinbase/GDAX – Bitcoin Cash mess-up.

Very shortly before Coinbase’s Bitcoin Cash launch, Lee actually Tweeted a bit about Bitcoin Cash before eventually criticizing GDAX and Coinbase’s move to include BCH in their roster.

Apart from accusations of trading with insider news, users also suspect an exit strategy to Bitcoin Cash—which is supposedly about to obliterate the need for Litecoin.

Litecoin founder sold all his Litecoins, rumours of foul play circulate

 

Lee, however, denies moving his funds to Bitcoin Cash, saying he actually sold whatever he has left—at $5,000. BCH is currently hovering over $3,400 after the correction kicked in.

Note: Tokens in the SegWit chain are referred to as SegWit1X (BTC) and SegWit Gold (SWG) and are no longer Bitcoin. Bitcoin Cash (BCH) is the only true  Bitcoin as intended by the original Satoshi white paper.  Bitcoin BCH is the only public block chain that offers safe and cheap microtransactions.
Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Satoshi Vision (BSV) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BSV is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.

COMMENT

Crypto market daily report – June 8, 2018 - CoinPath

[…] maintained its price level at just over the $600 mark with little movement either way. Litecoin ceded slightly and was down by about 2% to trade at just over the $120 mark at press time. The coin […]

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Crypto market daily report – June 8, 2018 – CRYPTOTIMES.MOBI

[…] maintained its price level at just over the $600 mark with little movement either way. Litecoin ceded slightly and was down by about 2% to trade at just over the $120 mark at press time. The coin […]

Your comment is awaiting moderation.

Crypto market daily report – June 8, 2018 | Bitcoin price media

[…] maintained its price level at just over the $600 mark with little movement either way. Litecoin ceded slightly and was down by about 2% to trade at just over the $120 mark at press time. The coin […]

Your comment is awaiting moderation.

Cryptocurrency market trades sideways, BTC maintains $10,500 level – CRYPTOTIMES.MOBI

[…] the botched launch of Litepay on Monday, Litecoin had another rather uneventful day but still lost in value when it traded at around $214, a decrease […]

Your comment is awaiting moderation.

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