Founder Out Of Litecoins, Sells All After 7500% Rally

Founder Out Of Litecoins, Sells All After 7500% Rally

The world’s fifth biggest cryptocurrency Litecoin founder Charlie Lee is all cashed in during a 75-fold rally this year.

Founded back in 2011 in San-Francisco by a software engineer “sold and donated” all of his holdings over a past few days, he said in a Reddit blog post.

The move was under the influence of various accusations where Lee was “accused of doing it(changing price of LTC) for personal benefit.”

I have always refrained from buying/selling LTC before or after my major tweets, but this is something only I know. And there will always be a doubt on whether any of my actions were to further my own personal wealth above the success of Litecoin and crypto-currency in general,” he added.

Lee has sold or donated all his Litecoins and is “well off enough”. “For the first time in 6+ years, I no longer own a single LTC that’s not stored in a physical Litecoin,” he said.

Credits: Bloomberg

Lee did not made any comment on how many Litecoins he sold or donated, but noted that the amount was a small percentage of daily volume and “did not crash the market.

Litecoin dropped about 4 per cent to $319 at 1:02 p.m. in New York, according to prices on Bloomberg. The coin is still up about 75-fold since the end of 2016, according to coinmarketcap.com prices. The market value was $17.5 billion.

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