Litecoin Founder Cashes Out, Sells Entire Stake After 9,300% Rally

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Charlie Lee, the creator of the world’s fifth-biggest cryptocurrency, Litecoin, announced that he was cashing in his profits after a 9,300% rally in the past 12 months. The San Francisco-based software engineer who founded Litecoin in 2013 said he sold and donated all of his holdings over the past few days.  He declined to say how many Litecoins he sold, but said it was a small amount of what is traded daily, so it did not hurt the currency.

Charlie Lee, the creator of the world’s fifth-biggest cryptocurrency, Litecoin, announced shortly after midnight that he was cashing in his profits after a torrid, 9,300% rally in the past 12 months. In a post on reddit, the San Francisco-based software engineer who founded litecoin in 2013, said that he sold and donated all of his holdings over the past few days.

“Litecoin has been very good for me financially, so I am well off enough that I no longer need to tie my financial success to Litecoin’s success. For the first time in 6+ years, I no longer own a single LTC that’s not stored in a physical Litecoin” Lee said in the post.

Lee explained that his liquidation was aimed at preventing a “conflict of interest” when the creator of what is known as “Bitcoin Silver” makes comments on twitter about the digital currency – something he tends to do with chronic zeal – that could influence its price, he said. That said, Lee declined to comment in the post on how many coins he sold or at what price, and asked readers to please “don’t ask me how many coins I sold or at what price. I can tell you that the amount of coins was a small percentage of GDAX’s daily volume and it did not crash the market.”

Litecoin, which was trading at $3.67 on December 20, 2016, and $4.40 at the start of the year, has climbed 9,300% in the past 12 month. It tumbled on Wednesday, following most digital currencies lower after a flash crash in bitcoin after Coinbase announced it would finally transact in Bitcoin Cash which led to a brief avalanche of selling as traders repositioned.

However, Lee insisted in his post that his sale wasn’t a sign that he has lost faith in the cryptocurrency: “I will still spend all my time working on litecoin,” he said. “When litecoin succeeds, I will still be rewarded in lots of different ways, just not directly via ownership of coins.”

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