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Ripple’s CTO David Schwartz Lost $300,000 Over Altcoins

Key Takeaways:

  • Ripple’s Chief Technology Officer lost over $300,000.
  • Ripple CTO’s risk-avoiding decision.
  • Schwartz sold 40,000 Ethereum at $1 each.
  • He also sold Bitcoin at $750 and Ripple at $.10 per crypto.

Ripple’s Chief Technology Officer (CTO) David Schwartz lost more than $300,000 in investing over altcoins.

Ripple CTO Lost $300,000 

On November 02, Quora posted a question asking people if they had ever lost money over investing in bitcoin and altcoins. Many investors including Ripple’s CTO wrote his answer explaining his experience of losing money over altcoins.

Schwartz holds crypto tokens such as TIX, DICE, FLASH, VEZT, AMP, SIG, BEE, KIND, PRYZE, KUDOS, and NRN. Unsurprisingly, the tokens faced market volatility turning the said altcoin prices to drop dramatically. He explains further that,

My total losses, just on tokens that become completely worthless, is just over $300,000.

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Ripple CTO David Schwartz Post in Quora

Ripple CTO’s risk-avoiding decision

In order to avoid further risk of losing money, he sold 40,000 Ethereum at $1 per token, Bitcoin at $750, and Ripple at $0.10. However, his decision hurt him because of the current outstanding crypto market performance. 

…And I must say that every bitcoin I sold for $750 or XRP for $0.10 hurt…I [still] own XRP and BTC as well as small amounts of BAT and ETH…

In spite of that, Bitcoin, Ripple, and Ethereum remain to be on top-ranked cryptocurrency in the market. Moreover, by the bitcoin price prediction 2021, its value might show a huge increase. In addition, cryptocurrency continues its mass adoption in the crypto space.

However, Schwartz is one of the real architects of the XRP Ledger. Before joining Ripple, he worked as a Chief Technology Officer in WebMaster Incorporated. Further, he also developed technology systems for organizations like CNN and the National Security Agency (NSA).

Recently, the San Francisco-based fintech firm Ripple planned to open its regional office within Dubai International Financial Center (DIFC) district. However, Ripple’s native token XRP price is at $0.24, at the time of writing.

The News Crypto Staff

The News Crypto is a group of crypto journalists writing about the latest happenings in the crypto and blockchain industry.

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