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David Schwartz, Ripple’s Chief Technology Officer, revealed that he lost more than $ 300,000 by investing in altcoins.
According to a November 2 post on Quora asking readers if they had lost money trading Bitcoin (BTC) and other cryptocurrencies, Schwartz said he made some cryptocurrency investments that “eventually had to cancel as worthless.”
“I bought quite a few cryptocurrencies which turned out to be disastrous,” said Ripple’s CTO who is a very frequent Quora contributor.
“My total losses, just for tokens that have become completely useless, are just over $ 300,000.”
Schwartz specifically listed 11 tokens that turned out to be a bad investment for him, including Blocktix (TIX), DICE, Flash (FLASH), Vezt (VEZT), Amp (AMP), Signal Token (SIG), Bee (BEE ), Kind Ads Token (KIND), Pryze (PRYZ), KudosCoin (KUDOS) and Neuron (NRN). Many of the altcoins went to zero in 2017 and 2018.
Overall, it seems lucky enough that Schwartz isn’t Ripple’s Chief Investment Officer given its history of poor investment decisions. The CTO also revealed in October that it sold 40,000 Ether (ETH) in 2012. With ETH currently priced at $ 454, Schwartz’s cryptocurrency stash would be worth more than $ 18 million today. He also claimed to have sold an unknown number of Bitcoin (BTC) for $ 750 and XRP for $ 0.10.
Many major investors hold altcoins and BTCs. Billionaire Tim Draper said in September that he owns Bitcoin Cash (BCH), XRP, Tezos (XTZ) and Aragon (ANT) as well as over 30,000 BTC.
