Litecoin’s founder Charlie Lee has "sold and donated" all of his LTC tokens, but he is “not quitting” the cryptocurrency he created.
In a post on Reddit, published today, Lee said that he’s sometimes accused of talking about the Litecoin price for his personal benefit.
“Some people even think I short LTC! So in a sense, it is conflict of interest for me to hold LTC and tweet about it because I have so much influence,” Lee said in the post.
“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 also said that the amount of Litecoin tokens he sold on Wednesday represented a small percentage of the daily volume on Coinbase’s cryptocurrency exchange GDAX, so the sell-off “did not crash the market”.
In one of his more recent price-related tweets, Lee warned investors not to get carried away by Litecoin’s record-breaking rally in December, reminding them that buying LTC was “extremely risky”.
“I expect us to have a multi-year bear market like the one we just had where LTC dropped 90% in value ($48 to $4). So if you can't handle LTC dropping to $20, don't buy,” Lee said.
In today’s trading, the Litecoin price stood at $313.05, as of 16:52 GMT. The coin has lost 11.7% of its value in the past 24 hours.
For further information on how to buy and trade Litecoin, see our comprehensive Litecoin guide.