Charlie Lee, the creator of Litecoin, has announced that he has sold his holdings in the cryptocurrency because of what he described as a perceived conflict of interest.

In a Reddit post, Lee detailed how he wishes to combat allegations that remarks he has made about the price of litecoin have been made for his own personal gain, and that he thought that selling his stake was the easiest way to establish transparency in regard to his actions.

Lee claims that while he always refrained from buying or selling the cryptocurrency around the time that he made \"major tweets\", his actions could be perceived as an attempt to increase his own wealth.

He has now sold or donated all of the litecoin he held, except for a small number of physical litecoins which will be kept as collectors items. Lee went on to explain that the total amount oflitecoin he sold or donated represented a small percentage of the cryptocurrency\'s total trading volume.

Litecoin, which was created in 2011 via a fork from bitcoin, is often referred to as ‘silver compared to bitcoin’s gold.’ The cryptocurrency was designed to offer faster transactions compared to the speeds offered by the Bitcoin protocol. Along with other cryptocurrencies, litecoin has recently reached record values.