Litecoin Not Bankrupt Claims Founder As They Celebrate Its 8th Birthday

Litecoin Not Bankrupt Claims Founder As They Celebrate Its 8th Birthday

Cryptocurrency News
October 14, 2019 Editor's Desk
383
Litecoin’s founder Charlie Lee attacks the uncertainty and doubt that crypto twitter had about the altcoin on its eighth birthday on Oct. 13. It started with an exuberant post by Lee, which announced: “Litecoin network has been up and running continuously for the past 8 years with zero downtime. And in that span of time, over $500,000,000,000
Litecoin

Litecoin’s founder Charlie Lee attacks the uncertainty and doubt that crypto twitter had about the altcoin on its eighth birthday on Oct. 13.

It started with an exuberant post by Lee, which announced:

“Litecoin network has been up and running continuously for the past 8 years with zero downtime. And in that span of time, over $500,000,000,000 worth of LTC have been transacted. Looking forward to the next 8 years and more! ”

This birthday post did not go down well as it quickly threw light on bankruptcy allegations, to which Lee gave a strong response:

“It’s [the Litecoin Foundation] not near bankruptcy. Don’t listen to stupid fud and lies. We have enough money to last 2 years.”

The root cause of these allegations was a report by TrustNodes last week that claimed the Foundation was down from $1 million in income in 2018 down to negative $70,000 by 2019.

Lee had then replied to the report stating that the Foundation had a runway of about 1 to 2 years, according to the estimations — with funds worth $200,000. 

He further mentioned that the Litecoin Summit, which was scheduled to take place by the end of October in Las Vegas, will help in guiding the financial prospects of the company. 

Speakers will include eminent industry figures such as Morgan Creek Digital Assets founder and podcast host Anthony Pompliano, Wyoming Blockchain Task Force president Caitlin Long, and the co-founder and former CEO of BTCC exchange Bobby Lee, among others.

With Litecoin trading at roughly $57 as of press time, the altcoin is down almost 60% from its 2019 highs this June — which clearly state the current condition of the crypto market.

At the peak of crypto markets’ historic run, Lee himself had sold and donated all his LTC holdings back in Dec. 2017. The motive behind doing so was later explained as motivated by a desire to avoid any conflict of interest. He further elaborated on it by saying that he has been aiming towards walking the path of a thorough decentralization of the network.

Some crypto Twitterers did not appreciate this decision of selling at peak prices, but many had differing views, with people even defending Lee. They supported him by pointing out his role in warning others against overheated trading as he anticipated a “multi-year bear market” would set in following Dec. 2017.

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