$500 Million in Ripple (XRP) to Be Lost Forever After Owner’s Death
The death of the entrepreneur and the Crypto Billionaire, Matthew Mellon, raised a number of questions about the future of crypto assets after the owner dies.
We know that cryptocurrencies are stored privately on an online or offline wallet while access to it is blocked for foreign parties. It’s indicated that the password, access codes and private keys to be known only by the owner of the crypto funds. We could get into the idea that someone lost $ 2,000- $ 3,000 after he/she died, but what happens if the owner owns $ 500 million worth of Ripple before his death?
Matthew Mellow went to Mexico in search of assistance
The resulting sum was estimated by converting the total number of XRPs detained by Matthew Mellon before he died. The cause of his death hasn’t yet been revealed, while all we can confirm is that he went to Mexico in search of help against his substance dependence. You have to be brave to recognize that you need help in such situation, that’s why Mellon is praised by some.
The Crypto Billionaire was among the first to invest in Ripple (XRP)
Matthew Mellon was among the first to invest in Ripple (XRP) at a time when most were skeptical about the crypto sector. He said about crypto that:
“Crypto is scary and dark. It’s anti-America. I am pro-America, pro-business and pro-bank. That’s why I went with Ripple.”
By the beginning of 2018, the Mellon investments brought him $ 1 billion worth of XRP. He later mentioned that:
“It’s $1 billion virtually for free. I actually have earned it because I was the only person who was willing to raise his hand. My family thought I was insane, when I knew it was a home run.”
Mellon’s balance reaches $ 500 million, while some estimates indicate it could be $ 250 million. According to the news, the Crypto Billionaire would have kept his private keys in cold storage separated into several locations across the US. Even if the idea of dividing his funds was a creative and an appropriate one, it’s not known whether Mellon took into account the possibility of a fatal incident like death.
Until other information is disclosed, we assume that access to Mellon’s fund worth of XRP is restricted.