Litecoin Foundation Running Out of Money

Litecoin Foundation Running Out of Money

12

Litecoin's Charlie Lee

The Litecoin Foundation (LF) barely has any money left, down from more than one million in income last year to $70,000 in minus this year.

That one million income was mainly due to a donation of $830,000, but they also made about $200,000 on merchandise sales.

What is meant by that is not clear, but presumably it’s t-shirts with hodl on it and the Litecoin Summit, their conference.

For this year they puzzlingly made an $80,000 loss from merchandize which costed $280,000, but brought in only $200,000.

How you can lose money from selling t-shirts is not clear, but it might be more to do with the conference which is to begin in just a few days with Ron Paul speaking.

Charlie Lee, Litecoin’s founder, said “we just did a quick estimate and our current runway is between 1 to 2 years depending on how the finances for the Litecoin Summit goes.”

He further clarified “we have about $200k today, which is about 2 years of runway.”

The actual figures show they spending $137,000 on staff, $36,000 on marketing, $24,500 on legal fees, and $4,500 on advertising, making it unclear how this $200,000 is to last for two years.

In addition they have some non-public deal with WEG Bank and TokenPay which seems to have cost them $2.8 million.

They bought 10% of WEG Bank last year with an option to acquire another 80%. So this $2.8 million might be the cost of that option.

The foundation is apparently spending just $1,500 on software and cloud services, which might be just their website, with no cost stated for development.

That may well be because they don’t have any, with Charlie Lee himself selling all his Litecoin at the peak in December 2017.

Copyrights Trustnodes.com

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Charlie Lee's sucker
October 11, 2019 1:41 am

Yeah fuck that he sold at ath and now hes broke? Rofl fuck his copy and paste bitcom-chinah coin..

GLinc
October 11, 2019 4:49 am

Look at this shiny thing…you know you want it more than I do

Gregory
October 11, 2019 7:43 am

Someone is trying to kill litecoin but it’ll only make it stronger .. ltc will be over $1k

NBK Krypto
October 11, 2019 9:15 am
Reply to  Gregory

Howwwwww? It has zero use case, no team, no money, and bad tech (POW). Maybe if the Dolphins make the playoffs … lol
#XRP #NBKrypto

muh lambo
October 12, 2019 10:09 am
Reply to  NBK Krypto

POW bad tech? POW is the best and only working tech in blockchain rn

Spacko
October 11, 2019 3:15 pm
Reply to  Gregory

funny

John
October 11, 2019 1:05 am

LTC is dead!

Ade sola
October 11, 2019 6:18 am

My guess is one should sell his litecoin before it comes down crashing. I still have hope for litecoin rising.

Frikkie
October 11, 2019 2:57 pm
Reply to  Ade sola

Yea, I also harbor hope. Fellow hodler

Boohoo
October 11, 2019 3:30 am

Finally, we found out that litecoin is useless. And bitcoin is only good for drug dealers on darkweb.

Genius
October 11, 2019 6:44 am
Reply to  Boohoo

Only truly the clueless and brain dead would think in such a narrow minded perspective I applaud you sir! My hats off to more of your kind! Why you so basic though?

Spacko
October 11, 2019 3:14 pm
Reply to  Genius

Kokoooooo