Ripple’s CTO reveals it has sold 40,000 ETH for $1 each in the past

Ethereum transaction fees drop 85% in less than three weeks

David Schwartz, Ripple’s technology director, revealed on Sunday (11) that he sold 40,000 Ethereum (ETH) for just US$1 per token in the past – an amount that would be worth US$15.4 million today. At Ethereum’s peak price, this would have been worth US$53.6 million.

Schwartz explained that this decision was part of a ‚de-characterisation plan‘ that he discussed with his wife at the Bitcoin Billionaire time, adding that he also sold Bitcoin (BTC) and XRP for US$750 and US$0.01 per currency, respectively.

„In fact, I am a riskaver with people who depend on me financially and emotionally. Fate made me put a lot of eggs in the same basket,“ Schwartz said in another tweet, adding: „My work, my reputation, Ripple, XRP and so on. I like this basket. But the risk is very high in the whole market of cryptomorphs. I’m too rational to pretend otherwise and suggest others to do the same“.

The 40,000 ETH that I sold at $1 was all me though.

– David Schwartz (@JoelKatz) October 11, 2020
Schwartz is far from being the only one who has sold his cheap cryptomorphs in the past. Perhaps the best known example is Laszlo Hanyecz, a Florida programmer who also contributed the Bitcoin source code. In May 2010, he paid 10,000 BTC, worth about US$115 million today, for two pizzas.