The founder of Litecoin, Charlie Lee, sold LTC later in the year 2017 to focus on the project’s growth. Charlie Lee was blamed a lot for selling his Litecoin bag. Mr. Lee sold his Litecoin for an average price of $205, according to David Schwartz. Well, Litecoin is currently trading at $220, so LTC investors could have forgiven Charlie Lee.
Charlie Lee Got Rid of All His LTC
The Litecoin founder, Charlie Lee, told the crypto community that he got rid of all his LTC during the fourth quarter of 2017. Mr. Lee got a lot of “flack” and maintained his decision by saying that he sold to focus on the project’s progress. He also did not want a conflict of interest that would have driven the cryptocurrency community to dump or pump LTC with his remarks on Litecoin.
He mentioned that he sold it because LTC’s holding was making it a short-term pumping situation. However, it is wrong with Litecoin’s long-term success. He did not want the conflict as he cleared it several times. He further added that if anyone cannot digest it, he cannot help them. So, be off.
Furthermore, he explained that the possession of coins is not correlated with the project work. Perhaps, coins are available for the crypto leaders who do not work and are left on the project. Some people never purchased their coins. Most likely, they sold them without telling anyone.
David Schwartz Says Charlie Should Stay Quiet Now
In a yesterday tweet, David Schwartz, the project manager of the Litecoin Foundation, noted that Charlie Lee sold his amount of LTC for $205 on average. He proceeded to say that since Litecoin has recovered more than $200 and critic Charlie Lee should stay quiet now. Also, in the following tweet, Mr. Schwartz expressed his conclusion on the matter.
Litecoin (LTC), on the other hand, is happily trading in the bullish territory and is heading upward at a great pace. At the time of writing, the price value of LTC is holding at around $213 while the overall sentiment is bullish.