The founder of Litecoin, Charlie Lee has decided to sell all the shares of his company, citing a conflict of interest.
Charlie Lee invokes the conflict of interest
In an article published on the blog Reddit yesterday, the developer Charlie Lee explained that he no longer wanted to defend himself against rumours that he was changing the price of Litecoin for his personal enrichment. It therefore considers the sale of his shares of the company as the best way to ensure the transparency of its actions. Lee said : “Some people even think that I’m out of LTC ! So, in a sense, this constitutes a conflict of interest for me to have Litecoin and tweet about it, because I have the influence on social networks. “As well, Lee said it had sold its holdings of Litecoin. Lee added that the amount of Litecoin that it has sold only constituted a small percentage of the trading volume of global network Litecoin.
The Litecoin began, however, to gain in popularity and value
It is important to remember that the Litecoin, the seventh-largest crypto-currency in terms of market capitalization, was created in 2011 from the Bitcoin network. At the time, his creator, the former Google employee Charlie Lee, considered the Litecoin as a crypto-currency that provides online merchants the time of transaction faster. Lately, Litecoin has seen a recent surge in the price so that Lee proposed a technology roadmap ambitious, including the adoption of the solution Segregated Witness scheduled originally for the Bitcoin. At the time of writing, Litecoin trading around 334 $. On Tuesday, the Litecoin has reached a value of 375,29 $, a new record. The market capitalization of Litecoin is currently more than $ 28 billion, according to data from OnChainFX.
Source : Cointelegraph