Litecoin creator, Charlie Lee, has announced he sold all his holdings of the cryptocurrency mentioning an alleged conflict of interest.
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“Some people even think I short LTC! So in a sense, it is conflict of interest for me to hold LTC and tweet about it because I have so much influence,” Lee stated in a Reddit post.
Lee continued to say that his holdings only made “a small percentage” of the litecoin’s trading volume worldwide.
Created via a fork of bitcoin in 2011, litecoin is the fifth largest cryptocurrency by market capitalization with a total value of $17.7 billion at press time.
The price of litecoin hit a new all-time high yesterday at $374.89 but has decreased just over seven percent today, currently at $325.56 (-7.22%).