Litecoin price (LTC/USD): Charlie Lee disposes of all his LTC holdings

The creator of the fifth-largest cryptocurrency says him holding LTC is “conflict of interest”

Litecoin price (LTC/USD): Charlie Lee disposes of all his LTC holdings

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.

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