He would not say how much coins he had. However, all of Charlie Lee’s, the Litecoin founder, share in the cryptocurrency has been donated or sold.
In a Reddit post that was published early Wednesday, Lee clarified how his stake in Litecoin is considered as a conflict of interest. Lee wrote: “Whenever I tweet about Litecoin price or even just good or bads [sic] news, I get accused of doing it for personal benefit.”
Although Lee sold all of his coins, he is still very much involved in his cryptocurrency. “I’m not quitting Litecoin,” Lee assured in his note.
The announcement of Lee comes after the exchange Coinbase revealed support for a Bitcoin off-shoot called Bitcoin Cash. With that announcement came fears regarding insider trading within Coinbase. Lee had one busy morning on Twitter correcting various misconceptions that he dumped Litecoin and other currencies because of insider trading.
Lee was incensed by a MarketWatch article that he believed inaccurately made it appear like his Litecoin sale was due to insider trading.
Lee has been reached out and is yet to give a comment regarding this matter.
Since Tuesday, Litecoin fell almost $50, or 13.8 percent. As of Wednesday afternoon, it was at $311.26.