One year after the big crypto boom, founder of Litecoin Charlie Lee is reportedly continuing to focus on increasing the usage of Litecoin. However, some in the crypto community have pointed out that Lee is still benefitting from the pay that he chose to sell all of his LTC holdings at the height of the boom.
When Lee decided to sell off his LTC public, he explained that the reason for divesting had to do with avoiding what referred to as a “conflict of interest.”However, critics within and without the space have alleged that Charlie planned to cash out at the height of the frenzy and make a profit all along.
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However, Lee told Bloomberg that this kind of criticism is all par for the course, adding that he sold at a time when it was widely believed that Litecoin would continue to increase in value. “People lose money and they want someone to blame,” he explained. “And they think for some reason I had inside information, and that’s silly. At the time when I sold, everyone thought it would go to $1,000.”
From what I know LitePay was working on a Visa card but ran some problems, which is not surprising given how hostile Visa is towards crypto. I’m guessing they worked until the last minute to try to overcome this issues but weren’t able to. It’s unfortunate.
— Charlie Lee [LTC⚡] (@SatoshiLite) February 27, 2018