In brief:Litecoin’s founder, Charlie Lee, sold his LTC in late 2017 to concentrate on the project’s development Charlie Lee received a lot of criticism for his decision to sell his Litecoin bag According to David Schwartz, Mr. Lee sold his Litecoin at an average price of $205 Litecoin is currently trading at $220 therefore it might be time LTC investors forgave Charlie Lee
During the fourth quarter of 2017, the founder of Litecoin, Charlie Lee, disclosed to the crypto community that he sold all his LTC. Mr. Lee received a lot of ‘flack’ for doing so and defended his decision by stating that he sold to concentrate on the project’s development. Furthermore, he did not want any conflict of interest whereby his comments on Litecoin would be a reason for the crypto community to pump or dump LTC.
Charlie Lee’s explanation of the scenario was expressed via the following statement in July of 2018.I sold because holding LTC made it a situation where I may do something to pump the value short term. but is bad for the long term success of Litecoin. I didn’t want that conflict. I’ve explained this many times. If all you still don’t understand, I can’t help you. Be gone… Owning coins is unrelated to working on a project. A lot for crypto leaders have a ton of coins but don’t work on the project and have left. (Satoshi for ex) Some never bought their own coins. (Jackson Palmer) Most probably sold without telling anyone. I’ve already explained. It Might Be Time to Forgive Charlie Lee for Selling his Litecoin Bags
In a tweet yesterday, Litecoin Foundation’s project director, David Schwartz, pointed out Charlie Lee sold his LTC at an average value of $205. He went on to imply that Litecoin has since regained value above $200 and Charlie Lee critics can now ‘shut up’. Mr. Schwartz shared his conclusion on the matter via the following tweet.[email protected] sold his stack of #LTC at an average of $205 Everyone can shut up now. — David Schwartz ...