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The founder of Litecoin no longer owns any of his own cryptocurrency
JAY GORY, MANAGING EDITOR, science
He won't say how many coins he had, but all of Litecoin founder Charlie Lee's share in the cryptocurrency has been sold or donated. In a Reddit post early Wednesday, Lee explained how his stake in Litecoin is a conflict of interest: "Whenever I tweet about Litecoin price or even just good or bads [sic] news, I get accused of doing it for personal benefit," he wrote. SEE ALSO: 2018 will be the year of Bitcoin's rivals Even though Lee sold all his coin, he's still very much involved in his currency. "I’m not quitting Litecoin," he assured in his note. I still have a lot of skin in the game. Litecoin is my creation. I want it to succeed more than anyone. — Charlie Lee [LTC] (@SatoshiLite) December 20, 2017 Lee's announcement comes just after the exchange Coinbase announced support for Bitcoin Cash, a Bitcoin off-shoot. With that announcement came worries about insider trading within Coinbase. Lee had a busy morning on Twitter correcting misconceptions that he dumped Litecoin and other currencies due to insider trading. To those saying I bought BCH with insider news, please stop. I had no info. I sold all the BCH I can the moment it was tradable on exchanges. And j just sold my 2 stuck BCH on Coinbase at $5000 each. Good riddance! — Charlie Lee [LTC] (@SatoshiLite) December 20, 2017 Lee was particularly incensed by a MarketWatch article that he thought inaccurately made it seem like his Litecoin sale was because of insider trading. The article is about Coinbase potential insider trading. The tweet says I sold because of that. There's no other way to read the tweet other than accusing that I did insider trading and now had to sell all my LTC because of it. — Charlie Lee [LTC] (@SatoshiLite) December 20, 2017 We reached out to Lee and Litecoin, but haven't heard back yet. Litecoin dropped nearly $50, or 13.8 percent, since Tuesday. As of Wednesday afternoon it was at $311.26. Here's Lee's whole statement: WATCH: Here's what you need to know before you buy bitcoin read more
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