Ripple co-founder loses $44 billion on paper during cryptocurrency crash

[Eugene]

Source: CNBC

Ripple co-founder loses $44 billion on paper during cryptocurrency crash

• With XRP trading near $1 Wednesday, Ripple co-founder Chris Larsen holds the equivalent of just $15.8 billion, according to CNBC calculations using figures from Forbes.
• That's down $44 billion from Larsen's paper worth of $59.9 billion on Jan. 4, when XRP hit a record high of $3.84.
• Bitcoin's drop also means that twins Cameron and Tyler Winklevoss no longer hold the equivalent of more than $1 billion of the digital currency.

Evelyn Cheng
Published 8 Hours Ago Updated 4 Hours Ago

The digital currency plunge has wiped billions from the paper fortune of a cryptocurrency billionaire in just a few weeks.

Ripple's XRP coin has fallen 74 percent from an all-time high of $3.84 hit on Jan. 4, erasing $44 billion from the holdings of Chris Larsen, co-founder and executive chairman of Ripple.

With XRP trading near $1 Wednesday, Larsen now holds the equivalent of just $15.8 billion, according to CNBC calculations using figures from Forbes. Citing sources at Ripple, Forbes said earlier this month that Larsen has 5.19 billion of XRP and a 17 percent stake in the start-up. Ripple holds 61.3 billion of the 100 billion XRP coins in existence.

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Read more: https://www.cnbc.com/2018/01/17/ripple-co-founder-loses-44-billion-on-paper-during-cryptocurrency-crash.html

[Matthew28]

1. You'd have to be insane to trust these crytocurrencies.

[marylandblue]

2. I knew governments would start regulating it

once the market got big enough. No way were they going to allow people to transfer unlimited amounts of untraceable cash forever.

[LeftInTX]

3. I did not know the founder of Ripple was still alive.

Ripple was a desert type wine.

[Journeyman]

7. First thing I thought of as well . . .

I still get violently ill at even a whiff of certain fruit flavored drinks.

[Sophia4]

4. This was bound to happen.

[hunter]

5. Ponzi-pyramid schemes crashing.

Investors left with nothing more than "special" numbers having peculiar cryptographic properties.

News at eleven...

[oasis]

6. I'll trade him for the mountain of POG bottle caps in my garage.

I swear they're about to make a comeback.