In 2009, Lee founded London Trust Media (LTM), a private holdings company. In 2010, he founded Private Internet Access (PIA), a virtual private network service for anonymizing Internet traffic. He claimed to have started PIA because of his interest in Internet Relay Chat (IRC), whose users' IP addresses could be easily revealed, but only after the Freenode purchase. Lee and co-owner Steve DeProspero sold LTM (and its subsidiary PIA) to Israeli company Kape Technologies for US$95.5 million in November 2019. Lee co-founded Mt. Gox Live, a bitcoin price tracker that was later acquired by the now-defunct bitcoin exchange Mt. Gox.
