News View Non-AMP

Ripple CTO Reveals MASSIVE Ethereum Mistake That Cost Him Millions

Published by
Elena R

Surprises often emerge from unexpected corners in the crypto world. Recently, David Schwartz, Ripple’s Chief Technology Officer, shook the digital currency community by unveiling his early involvement with Ethereum. This revelation came to light during a lively online exchange between Schwartz and Charles Hoskinson, Cardano’s founder, revolving around the contentious “ETH Gate” theory.

Understanding the Ethereum Connection

David Schwartz revealed about his early investment in Ethereum when a user put forward a question before him on X.

He revealed how he gained access to the Ethereum project during its early days, and also explained his personal connection with Ethereum’s co-founder, Vitalik Buterin.

When ETH was priced at just $1, the Ripple CTO’s initial investment of 20 Bitcoins yielded him a good gain of 40,000 Ethereum tokens. However, what’s might sound funny to some users at Ethereum’s present price is that, Schwartz sold all his Ethereum holdings to fund the installation of solar panels in a house that he no longer owns. 

Reflections and Regrets

In hindsight, Schwartz rues this decision, lamenting the missed opportunity as Ethereum’s value skyrocketed post his departure. He believes that had he held onto his Ethereum stash, his gains could have potentially surpassed the staggering sum of $100 million, representing an eye-watering 250,000% increase.

The Ripple-Cardano Controversy

Cardano’s Charles Hoskinson and Ripple’s Schwartz remain engaged in their heated exchange regarding the “ETH Gate” theory, which alleges that Ethereum exerted undue influence on regulatory bodies, especially the U.S. Securities and Exchange Commission. 

Nonetheless, Hoskinson emphasized that Ethereum’s alleged manipulation of regulatory outcomes is unfounded, thereby dismissing these claims as conspiracy theories.

“No matter how many times you try to conflate the two statements, it won’t change reality,”

In contrast, former SEC Director William Hinman might be potentially involved, Schwartz believes. He suggested that this relationship could have influenced regulatory decisions because of Hinman’s affiliation with Simpson Thacher & Bartlett LLP, a law firm connected to Ethereum. Schwartz also questioned whether Hinman was financially interested in Ethereum and whether he recused himself from related decisions during his tenure at the SEC.

XRP Price Update and Market Outlook

As of May 10, 2024, XRP, Ripple’s native cryptocurrency, traded at $0.519716 per XRP/USD, with a market cap of $28.77 billion. The price has seen a slight decline over the past 24 hours, with a decrease of 0.32%. However, XRP’s long-term potential remains promising, given its use case in cross-border payments and other applications.

Also Check Out : Kraken Fires Back at SEC, Demands Case Dismissal Over Unclear Allegations

Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

Recent Posts

Ethereum Price Prediction 2025, 2026 – 2030: Will ETH Price Hit $5k in 2025?

Story Highlights The Ethereum price today is . ETH price with a potential surge could…

April 3, 2025

Justin Sun Calls For Hong Kong Trust Reforms After $456M TUSD Fund Scandal

Recently, Tron founder Justin Sun stepped in with emergency funding for TrueUSD (TUSD) after its…

April 3, 2025

Dogecoin (DOGE) and 3 Other Coins Under $0.40 Positioned to Beat Cardano (ADA) in Gains in 2025

Cardano (ADA), a cryptocurrency noted for its scalability and performance emphasis, is rapidly declining with…

April 3, 2025

Bitcoin Price Prediction 2025, 2026 – 2030: Is $100k Arriving Anytime Soon?

Story Highlights The Bitcoin price today is . The BTC price could hit a maximum…

April 3, 2025

Ripple Releases 1 Billion XRP—Again, Is Something Big About to Happen?

Ripple has once again unlocked a massive 1 billion XRP, the second time in a…

April 3, 2025

Crypto Fear and Greed Index Hits Multi-Month Low: Is a Recession-Led Crypto Crash Coming?

Following President Trump's Tariff announcement that shook the markets across the world, the crypto market…

April 3, 2025