Litecoin Founder Charlie Lee Dumps His Coin Stash – But Claims He Will Stay With Company

Blockchain, FinTech, Investing, News | December 20, 2017 By:

Charlie Lee, the founder of Litecoin, has unloaded his stash of the digital currency.

Citing a “conflict of interest,” Lee posted on Reddit early Wednesday that he has “sold and donated” all of his Litecoins. He said he would keep “a few” as collectibles.

Lee, a former Google employee who created Litecoin in 2011, claims he made the move not to unload the coin, but to avoid perceptions that he was pumping its value in an oblique manner via recent posts about bitcoin’s prie surge.

“It bothers me that people would think that of me,” Lee said in an interview with the New York Post. “This is not me abandoning ship. If anything, I’m more committed than ever. This just removes the distraction.”

Thanks to a recent surge, Litecoin is trading over the $300 per single coin mark. It languished for most of the year in the $20s, but Lee recently said he would try to mount a publicity campaign on its benefits.

“Litecoin being successful makes me happy,” Lee said. “It’s a greater reward than just money.”  He declined to mention his net worth in light of the Litecoin sale. The coin has increased in value more than 8,000 percent this year.