Litecoin is a crytocurrency and an open source software project founded by Charlie Lee in October 2011. Although a fork of Bitcon Core, Litecoin is different from Bitcoin in various ways. It has a faster processing speed but is slightly more expensive.
Charlie Lee, a former Google employee, is a computer science engineer from MIT. He worked with Coinbase after Google before creating his own cryptocurrency.
Charlie Lee has always been in the news, but this time it is because he “sold and donated” all his litecoins. Although the exact amount is not disclosed, it is reportedly donated mainly to the LTC Foundation which will likely help in the growth of Litecoin.
People have reacted to this news in quite different ways, with some appreciating the move while others speculating why he did it. Charlie Lee tweeted that he is glad about the fact that people are not overreacting.
Lee seemingly set aside some doubts by tweeting that one cannot compare him to a CEO who sold all his shares. For him, it seems, it is not much about the money, and he is still very much a part of Litecoin.
So Lee has certainly not quit Litecoin. According to his tweet, since he is the founder, Litecoin is like his kid, and “he is more invested in it than someone holding 1mm LTC.” (Source: Charlie Lee, Twitter, December 21, 2017) He also stated that he is financially well off and does not relate his success with that of Litecoin’s. (Litecoin price, tweets, and conflict of interest, Reddit, December 21, 2017)
One thing is clear- Lee has not made this move for his personal benefit. Whatever the reason may be, the good part is that he continues to work on Litecoin and its growth, and he believes he would be rewarded in various ways rather than just owning the coins.
Lee’s move also does not have anything to do with the insider trading investigations by Coinbase. Allegedly, Bitcoin Cash prices hit an astronomical value after some information leak by an insider. And with this, Lee could sell BCH at $5,000, which was much higher than the market price.
The sudden surge in Bitcoin cash prices may have raised the suspicion of an insider leak, but this is far from proven, and Lee has denied any link to the matter.
Luckily the news did not seem to have a huge impact, and surely Litecoin is not here to crash. On December 20, for a while the value fell to $314 from around $366 on December 19. But it regained momentum and as of today it is around $332.
We are sure that both Litecoin and Lee are here to stay and grow, although in different ways.