UpdatesApr 02, 2023

Ripple CTO discovers $2500 held on failed FTX exchange

CTO at Ripple reveals information about his FTX deposit

The chief technology officer at Ripple Labs recently revealed that he has some of his funds locked up on the failed FTX cryptocurrency derivatives exchange. Before the bankruptcy of the aforementioned entity, Schwartz assumed that there were no funds in his account on the failed platform. However, after verifying his balance, he discovered that he still had $2,500 left in his FTX account in digital currencies.

David Schwartz revealed that he has $2,500 blocked on a platform owned by Sam Bankman-Fried

David Schwartz recently informed the public that he had discovered that he still had about $2,500 in digital currencies held in a trading account on a failed Sam Bankman Fried exchange. Previously, Schwartz thought there were no funds left, but after verifying his balance, he discovered that he could most likely say goodbye to his funds.

Given the size of the said deposit, the CTO at Ripple Labs will not suffer too much. He added that such things sooner or later happen to everyone who has been present in the cryptocurrency ecosystem for a long time.

The same man also revealed that he once remembered the fact that he keeps 100 Bitcoins in a wallet that he completely forgot about. From the statement presented by Schwartz, it follows that he made this discovery when the Bitcoin rate was $ 2.5 thousand for one coin.

David Schwartz has not revealed any additional details about the digital assets he holds on FTX. He also expressed no optimism or pessimism about his latest discovery.

Insufficient funds at FTX leave many investors empty-handed

While some users managed to withdraw their funds before FTX went bankrupt, others were not so lucky. This was because it turned out that this platform did not have enough funds to cover all the losses of investors.

FTX currently has over 100,000 creditors, including well-known entrepreneurs, international corporations and a wide range of individual investors. The insolvent cryptocurrency derivatives exchange has not yet disclosed its plan for paying off unsecured creditors. However, there are many indications that they will be left with nothing.