Litecoin founder Charlie Lee has come out with a rather unusual announcement in his recent reddit post. Lee decided to sell or donate all of his Litecoins in order to “prevent the conflict of interest”.
Litecoin (LTC), being the fifth most prominent cryptocurrency in the world, enjoyed a very impressive rise for the last two months, surpassing the $300 mark. Some would argue that the software engineer arrived at this sudden decision at a very convenient time, and the sale should have been very profitable for the Litecoin developer.
His statement, however, shifts the focus away from the financial aspect of the transaction and cites ethical concerns:
…it is conflict of interest for me to hold LTC and tweet about it because I have so much influence. 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.
Whatever his reasons for selling his private reserve, Lee continues to work on the Litecoin and claims that his passion and dedication to the project have not waivered.