08/24/2012 at 10:00 AM EDT
By announcing he will no longer fight his investigation
by the U.S. Anti-Doping Agency – which accused him
of using, possessing, trafficking and giving to others performance-enhancing drugs, as well as covering up doping violations – seven-time Tour de France
champ Lance Armstrong
is being stripped of his titles and prizes going back to Aug. 1, 1998 and banned for life from competing.
"I will no longer address this issue, regardless of the circumstances," Armstrong, a survivor of testicular cancer, said in a statement
Vowing to work with his cancer foundation
, Armstrong, 40, added, "We have a lot of work to do and I'm looking forward to an end to this pointless distraction. I have a responsibility to all those who have stepped forward to devote their time and energy to the cancer cause."
But by backing down in his fight against the USADA, is Armstrong silently admitting he did wrong?