Happy Birthday Litecoin – Charlie Lee says the foundation is not close to bankruptcy

The world’s number six cryptocurrency, Litecoin (LTC) recently celebrated its eighth birthday, yesterday, 13 October. The joyous occasion was met with much FUD, fear, uncertainty and doubt — about the altcoin as its founder Charlie Lee took to Twitter to defend the crypto.

Litecoin has enough money for 2 years

Lee’s original tweet stated:

“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! ”

Of course, the first response to Lee’s tweet immediately addressed the fears of several crypto commentators who share the fear of bankruptcy allegations. However, Lee quickly responded to these allegations:

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

Litecoin’s (LTC) allegations were catalysed after a TrustNodes report was released last week, which cited claims that the Litecoin Foundation down from a whopping $1 million to a shocking negative $70,000 by 2019.

At the time of the report’s release, Lee responded by with a statement, claiming that the foundation had an estimated 1 to 2 years runway with around about $200,000 in its fund reserves.

Lee further added that the company’s current financial prospects would also be determined following the outcome of the forthcoming Litecoin Summit, which will take place in Las Vegas at the end of the month.

Speakers set to attend include big names such as Anthony Pompliano, founder of Morgan Creek, Caitlin Long, president of the Wyoming Blockchain Task Force and Bobby Lee, the co-founder and former CEO of BTCC exchange.

Salty accusations during birthday cheer

At the time of writing, Litecoin (LTC) is up by 1.29% and trading at $57.20 as per data from CoinMarketCap.While the altcoin is up on the day, its also down by a noticeable 60% from is 2019 highs seen in June.

Interestingly enough, Lee sold all his LTC funds back in 2017, at the peak of the cryptocurrency industry’s historic bull run. Lee explains his decision to no longer HODL as one which was motivated by his desire to avoid any possible conflict of interest. He also back then cited his move as a step towards the ultimate goal of complete decentralization of the network.

Of course while many crypto commentators grilled Lee’s decision to sell off during a peak price period, many others defended the founder citing his role in forewarning of others against overheated trading. Lee at the time claimed to anticipate a “multi-year bear market” which was said to occur following the bitcoin mania of December 2017.

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