Charlie Lee, Litecoin founder, strongly rejected talks about the foundation being near bankruptcy.
Celebrating the eight birthday of Litecoin network, Lee took the occasion and rejected the claims:
Happy 8th birthday to Litecoin! 🎉
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! 🚀 pic.twitter.com/ItcDWrdCf1
— Charlie Lee [LTC⚡] (@SatoshiLite) October 13, 2019
Responding to 1 of the users question regarding the company possible bankruptcy despite the fact Lee donated to Litecoin foundation, the founder of Litecoin responded that the foundation isn’t near bankruptcy and has a sufficient amount of money to last two years.
The claims regarding the possible bankruptcy of Litecoin network started from TrustNodes the previous week. It stated that the company barely had any money left, down from more than 1 mln in revenue the previous year (2018) to $70,000 in minus the current year (2019)
At that time, Lee answered, stating that the foundation had an estimated one to two years’ runway with around $200 000 in its coffers.
With regard to the LTC price, it is having a stormy year in spite of the block rewards halving in August. At the time, it is 175% down on ($52.7) the current year’s high of $145 in June.