Four months later the founder of Litecoin announced that he had offered his whole stake in the cryptocurrency he founded, Charlie Lee admitted the movement might have already been a mistake, in an recent interview.
In an YouTube interview with TexX co founder Julian Hosp, Lee said his choice to offer his stake in Litecoin will probably end up getting the most right one in the long run, but right now it doesn’t feel right. “But in the short term while the price is down, below the all-time high, it just feels like it’s not the right decision”, Charlie Lee, Litecoin founder said in a statement.
On Dec. 20, 2017, Lee introduced using a Reddit post that he’d sold his entire stake in Litecoin, citing particular reasons and potential conflicts of attention.
“I get accused of doing it for personal benefit. Some people even think I short LTC! So in a sense, it is conflict [sic] of interest for me to hold LTC and tweet about it because I have so much influence,” wrote Lee in the 2017 post. “For this reason, in the past days, I have sold and donated all my LTC,” he wrote back then.
In the Hosp interview, Lee emphasized that he didn’t have a significant portfolio of Litecoins, dismissing any suggestion that his selling could have moved the market. “I didn’t actually have that many Litecoins,” said Lee.
“My selling Litecoins didn’t actually affect the market itself but the fact that I had Litecoins and people were thinking that I might dump it on the market actually was an issue.”
The price of Litecoin has fallen more than 50% since Lee unloaded his stake.
