Litecoin founder Charlie Lee defends himself regarding "bad journalism"

18 Sep, 2018
Litecoin founder Charlie Lee defends himself regarding bad journalism

Charlie Lee is well known in the crypto industry for founding one of the earliest cryptocurrencies, Litecoin. Lee spoke out on Twitter following what he called "bad journalism" regarding the selling of all of his Litecoin nine months ago.

Lee sold all of his Litecoin in December 2017 following what he called "a conflict of interest". However, Lee managed to sell his $LTC at the absolute top. Lee managed to offload his entire $LTC holdings at around $322 per coin, Litecoin currently sits at $51.73. 

Lee recently spoke at the LTC Summit held in San Francisco from the 14-15 September 2018. He addressed the motivation to sell his $LTC at the summit as well as following up with the story on Twitter

In Lee's twitter thread he explains that "bad journalism is rampant in crypto" citing a sensational headline regarding a comment from Lee about dumping his $LTC. The Litecoin founder jokingly commented that he is glad he dumped his $LTC otherwise he would need to find another job as he wouldn't be able to work on Litecoin full time or help fund the Litecoin Foundation. The journalist took this comment and twisted the story according to Lee. 

Lee explains that he wanted to continue working on the project but did not want to be involved in price speculation, and believed selling his $LTC holdings would prevent a conflict of interest.

Lee ends with explaining people should not believe everything they read on the internet quoting "Time is money. I'm now working full-time on Litecoin and more invested in its success than ever."

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Read more about: Litecoin (LTC)


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