As mentioned, Litecoin is a cryptocurrency running on the scrypt protocol. The coin is the brainchild of Charlie Lee, who developed a cult following to his vocal personality on social platforms like Twitter. Launched in 2011 as a challenger to Bitcoin, it took Litecoin just 2-years to reach a market cap valuation of $1-billion in 2013.
Until the release of Ethereum, LTC was the preferred second choice for crypto heads around the world. However, the glory does not come without scandal. In December of 2018, at the peak of the Great Bitcoin Bubble, Litecoin creator Charlie decided to sell his entire LTC fortune for USD.
This move by Lee came as a surprise to his cult following. Up until as soon as a week before selling his fortune, Lee was saying that he was still “HODLing.” He intended to hold through the move to the moon by Bitcoin that was driving the entire crypto sector higher.
Lee never released the total sum of USD he received for selling out his fortune, and his fanbase, on December 20. However, his response was reasonable. Lee claimed he was selling his LTC to avoid a conflict of interest with the company, should there ever be any negative PR against him.
While the explanation did carry some weight, many crypto enthusiasts find it suspicious Lee sold at the top of the market. Above all, he sold his dream of starting a new world currency – for US Dollars.