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Litecoin (LTC) founder Charlie Lee announced today on Reddit and Twitter that he has completely unloaded all his Litecoin holdings via selling and donation. He wrote on Reddit:

“For the first time in 6+ years, I no longer own a single LTC that’s not stored in a physical Litecoin. (I do have a few of those as collectibles.)”

According to his Reddit post, the amount Lee sold was a small percentage of GDAX’s daily volume, and it did not crash the market.

Why sell?
According to the announcement, Lee decided to sell all of his Litecoin because of the potential for conflict of interest, given the influence his personal statements can have on the coin’s price.

He explained that by selling all his LTC, he can fully separate his own opinions and actions from the performance of the cryptocurrency, stating:

“…whenever I tweet about Litecoin price or even just good or bads news, I get accused of doing it for personal benefit. Some people even think I short LTC! So in a sense, it is a conflict of interest for me to hold LTC and tweet about it because I have so much influence.”