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wilslaw

Due to conflict of interest, Charlie Lee will not buy back Litecoins

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Charlie lee, founder of litecoins (LTC) has made it clear he would not buy back the stake he sold in December 2017 due to what he termed as conflicts of interest.

In an interview with CBNC, he said: “Whenever I tweet about the Litecoin price or even just good or bad news, I get accused of doing it for personal benefits. Some people even think I short LTC! so in a sense, it is a conflict if interest to me to hold LTC and tweet about it because I have so much influence.” 

 

His decision was welcomed by some stakeholders while others criticized him, which in turn eroded confidence among investors.

 

Comments made on Charlie’s CNBC Interview
One of the top comments says that, it is bizarre to say owning the asset you created is a conflict of interest, that is like saying Walt Disney shouldn’t have owned any of Disney stock or Steve Jobs shouldn’t have owned apple stock if the founder doesn’t own any of its  asset why should I. 

 

However, while speaking on the matter last year, Lee kept quiet on claims he had used his influence for financial gains. He said: “I have always refrained from buying/selling LTC before or after my major tweets, but this is something only I know. And there will always be doubt on whether any of my actions were to further my own personal wealth above the success of Litecoin and crypto-currency in general.”

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