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The Litecoin development team has fiercely defended LTC ($103.15) and its founder Charlie Lee against accusations of unethical behavior and criticism of his past.
The response came after a user claimed that Litecoin’s emergence and Charlie Lee’s actions represented an early example of a pump-and-dump scheme.
The user compared the project negatively to Solana, claiming that Charlie Lee founded Litecoin, set aside a significant amount of supply for himself, and sold it at the height of the 2017 bull run. The comment accused the Litecoin founder of using the project for personal gain and argued that Solana deserves more respect for his contributions to the crypto space.
In response, the Litecoin team issued a detailed refutation, defending the project’s transparency, decentralization, and longevity since its inception in 2011.
The team noted that Charlie Lee publicly announced Litecoin ahead of its launch, allowing the community to determine the launch date. Unlike many modern projects, Litecoin had no pre-mined supply, no initial coin offering (ICO), and no venture capital funding.
Charlie Lee, like other participants, mined and purchased Litecoin and did not maintain a “founders stash.” He later sold his holdings in 2017 to avoid a conflict of interest while continuing to develop and defend the project. Contrary to claims, the team noted that Lee sold his Litecoin at an average price of $205, below the peak of the 2017 bull market.
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The response detailed Charlie Lee’s ongoing financial and technical support for Litecoin:
- He has invested millions in Litecoin through the Litecoin Foundation and partnerships.
- He has supported marketing campaigns including collaborations with the Miami Dolphins, UFC and others.
- It holds its annual Litecoin Summit, costing $250,000 and up per event.
- He actively contributed to Litecoin’s core code and encouraged its adoption among businesses and regulators.
The team rejected comparisons to Solana and other projects, stating that Litecoin remains unique in its decentralization, lack of founder-controlled reserves, and lack of venture capital influence. They noted that Litecoin has consistently ranked in the top 25 cryptocurrencies by market cap for over 13 years, despite market volatility and the collapse of thousands of other projects.
In their closing remarks, the team questioned Solana’s main use cases and claimed that its ecosystem is frequently used to create tokens that are involved in scams and fraud.
*This is not investment advice.
Continue Reading: Old Altcoin Bullying Solana Accused of Being a “Pump-Dump Scheme,” Developers Issue Public Statement
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