Ripple’s CTO David Schwartz Lost $300,000 Over Altcoins
Ripple’s CTO David Schwartz lost $300,000 in cryptocurrency investments after he bought into a number of altcoins that have since crashed.
Ripple’s CTO David Schwartz lost $300,000 over altcoins. He has been a part of the cryptocurrency community since 2013 and was one of the first people to invest in Bitcoin. Read more in detail here: ripple crypto.
Important Points to Remember:
Over $300,000 was lost by Ripple’s Chief Technology Officer.
The risk-averse choice of Ripple’s CTO.
At a price of $1 per Ethereum, Schwartz sold 40,000 units.
He also sold Bitcoin for $750 and Ripple for $0.10.
David Schwartz, Ripple’s Chief Technology Officer (CTO), lost more than $300,000 in cryptocurrency investments.
Ripple’s CTO suffered a $300,000 loss.
Quora posed a topic on November 2 wondering whether anybody has ever lost money investing in bitcoin and altcoins. Many investors, including Ripple’s CTO, responded with their own story of losing money on cryptocurrencies.
TIX, DICE, FLASH, VEZT, AMP, SIG, BEE, KIND, PRYZE, KUDOS, and NRN are among the crypto tokens held by Schwartz. Unsurprisingly, the tokens were subjected to market instability, causing the values of the aforementioned altcoins to plummet. He goes on to say that,
Little on tokens that have gone totally useless, I’ve lost just over $300,000.
David Schwartz, CTO of Ripple, made a Quora post.
The risk-averse choice of Ripple’s CTO
To avoid losing any more money, he sold 40,000 Ethereum tokens for $1 each, Bitcoin for $750, and Ripple for $0.10. However, due of the present strong performance of the cryptocurrency market, his choice has backfired.
… And I have to admit, every bitcoin I sold for $750 or every XRP I sold for $0.10 stung… I still have a tiny bit of BAT and ETH, as well as XRP and BTC…
Despite this, Bitcoin, Ripple, and Ethereum remain the market’s top three cryptocurrencies. Furthermore, by the year 2021, the value of bitcoin is expected to skyrocket. In addition, cryptocurrency’s widespread acceptance in the crypto sector continues.
Schwartz, on the other hand, is one of the true creators of the XRP Ledger. He was the Chief Technology Officer of WebMaster Incorporated before joining Ripple. He has created technological platforms for CNN and the National Security Agency, among others (NSA).
Ripple, a fintech company headquartered in San Francisco, has announced plans to establish a regional office in Dubai’s International Financial Center (DIFC). At the time of writing, the price of Ripple’s native cryptocurrency, XRP, was $0.24.