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> The CFTC smacked Coinbase because literally 99% of all Litecoin trading volume in 2017 was one dude, Charlie Lee - the LTC founder, wash trading internally [4
by erentz 5y ago
> The CFTC smacked Coinbase because literally 99% of all Litecoin trading volume in 2017 was one dude, Charlie Lee - the LTC founder, wash trading internally [4].
I don’t have any skin in this. But I found it interesting so read it and the timelines don’t seem to match your claim here about Charlie Lee.
“The order also finds that over a six-week period—August through September 2016...”
Note he sold in December 2017. Well over a year after this. So it sounds like maybe that could’ve been him when he was working there. But anything subsequent is on Coinbase. (Sadly not surprising that SV mindset would legitimize securities fraud as a means for growth hacking since they make up numbers everywhere else.)
- arcticbull 5y agoI definitely abridged the Charlie Lee story. Roughly speaking, he joined Coinbase prior to LTC being listed as a trading pair there. He then lobbied internally to list LTC. He then resuscitated LTC with the wash trading. He then quit. At this point, the "bull run" was well under way, and he just sat back, hyped the coins from the side-lines (including on the day of his sale) and then dumped all his bags on retail a few months later.