Litecoin Founder: “People Lose Money and They Want Someone to Blame”
Charlie Lee, the founder of Litecoin (LTC), has been one of the most highly-polarizing figures in all of cryptocurrency in 2018 after famously “selling and donating” all of his LTC holdings before the bear market took hold.
In a recent interview with Bloomberg, Lee discussed what he’s gone through with the crypto community after allegations of insider trading fueled criticism against him.
“People lose money and they want someone to blame,” Lee said on Tuesday. “And they think for some reason I had inside information, and that’s silly. At the time when I sold, everyone thought it would go to $1,000.”
Lee declined to state exactly how much Litecoin he owned before the divestment, but noted that he was already wealthy prior to the run-up that took LTC to more than $300 per coin.
“It definitely had some effect on people’s confidence in Litecoin, because people are used to traditional public companies,” Lee added. “Unlike CEOs of public companies I am not paid to increase the shares of the companies.”
Last August, Lee opened up about the criticism related to selling LTC, notably saying that he has no plans to reacquire his position, despite the more than 90% drop.
In the latest interview, Lee revealed that he does own a small amount of Litecoin that he uses for transactions, but has plans to continue donating proceeds from last year’s controversial trade.
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.