Litecoin founder denies company is on the brink of bankruptcy

Litecoin founder Charlie Lee has dispelled rumours claiming that the cryptocurrency company is close to bankruptcy

Litecoin founder Charlie Lee has vehemently denied claims that the company is on the brink of bankruptcy.

The supportive comments came after Litecoin’s eighth birthday, with Lee celebrating the occasion on social media.

He wrote: “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!”

However, not everyone took the chance to celebrate with a number of commenters being quick to speculate on Litecoin’s financial situation.

“If you donated to Litecoin foundation, how come they’re near bankruptcy?” One user wrote.

But Lee was efficient in dispelling the rumours, stating that it “is not near bankruptcy” and that the company has “enough money to last 2 years”.

In terms of value per coin, Litecoin has suffered a turbulent year despite the highly-anticipated halving of block rewards in August.

It is now 61% down on its yearly high of $145 in June and 46% down since the halving, when price spikes up to $107.

One bullish case for Litecoin is that the current $50 to $58 level held for months prior to 2017’s astonishing bull-run that saw it eclipse an all-time high of $420.

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Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.

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