Billionaire Mathew Mellon’s fortune in Ripple lost
The crypto billionaire held around half a billion US dollars of Ripple XRP.
For security reason, only himself had access to the funds, meaning the money may now be lost forever.
Mellon’s sudden death has raised questions about what should happen to our digital assets when we die.
Most cryptocurrencies are locked away in mobile apps, wallets, online exchanges, and offline hardware wallets.
Our passwords, pass-codes, digital keys and mnemonic phrases are known only to ourselves.
The idea of a few thousand being lost in crypto when we die might not phase most people, but imagine if $500 million worth was inaccessible?
$500m is the estimated value of Mr. Mellon’s XRP holdings at the time of his death last month.
Billionaire died suddenly in Mexico
The circumstances surrounding Mellon’s death have not yet been announced.
He was en route to Mexico when he died, seeking help for his battle with substance addiction.
Mathew Mellon invested heavily in XRP during a time when prices were much lower.
Despite criticism from his family and friends about the future of crypto, Mr. Mellon bought $2 million in Ripple.
He was a firm believer in the crypto industry, and explained his reason for investing in Ripple, saying:
“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.”
During Ripple’s peak in January, Mellon’s XRP was worth $1 billion.
Speaking at the time it peaked in value, Mathew Mellon, said:
“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.”
Since falling back down in value, his XRP holdings are now estimated at around $500 million.
Other estimates suggest the figure may be closer to $250 million, however.
It is believed that Mathew Mellon kept his digital keys locked-up in cold storage, spread across different locations in the US.
Unless his friends or family gain access to these keys, it can be assumed that all of his wealth in Ripple is lost forever.