Ripple Co-founder Lost $44 Billion On The Collapse Of The Cryptocurrency

Ripple Co-founder Lost $44 Billion On The Collapse Of The Cryptocurrency

The continuing collapse of the largest cryptocurrencies has led to the fact that market capitalization has declined by billions of dollars. Many investors lost a significant part of the funds.

But one of the biggest victims of the current downfall was Ripple co-founder and former CEO Chris Larsen. It was reported that he owns 5.19 billion XRP tokens and 17% stake in the project.

On Wednesday, January 17, the XRP rate fell by 74%: from a record level of $3.84, reached on January 4, to $1 per token. This led to the fact that Larsen lost "on paper" about $44 billion.

According to CNBC, on Jan. 17, Larsen's savings in Ripple were estimated at only $ 15.8 billion. Earlier this month, Forbes reported that Larsen owns 5.19 billion XRP Ripple owns 61.3 billion XRP tokens from 100 billion.

At the peak of January 4, the state of Larsen was estimated at $59.9 billion. This made him one of the five richest people in the US, and even more affluent than the founders of Google. On January 17, he withdrew from this list.

Nevertheless, in the last twenty-four hours, Larsen's losses have decreased somewhat. During this time, the Ripple rate, according to the data of CoinMarketCap, increased by 42.88%, and at the time of publication of the news, the price of the cryptocurrency was $1.51 per unit.

Information Source: CNBC