September 16, 2019, 6:27AM EDT
• 3 min read

Despite the Litecoin Foundation receiving "hundreds of thousands of dollars" in donations, its reliance on Charlie Lee continues to be an overhang

Quick Take

  • Following The Block’s report examining the Litecoin Foundation’s declining reserves, board member Xinxi Wang announced that the foundation had received “hundreds of thousands of dollars” in 2Q19
  • Based on historical donation trends coupled with Charlie Lee’s vows to continue to “support the Litecoin Foundation financially,” it’s likely the large sum came from Lee almost entirely
  • The donation was probably needed to pay upfront conference-related expenses for its upcoming Litecoin Summit in October due to the Foundation only having about $96,400 in reserves at the end of 1Q19
  • If the conference ends in a big loss, the Foundation could find itself in a similar financial situation as it faced earlier in the year

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