The issue of the future of crypto-holdings after death surfaced after the recent sudden death of crypto Billionaire, Mathew Mellon. Most of these assets are locked away in mobile apps, online exchanges and wallets and the occasional hardware wallet. Providing that the wallet passwords, passcodes, mnemonic phrases and digital keys are only known to users, the question raised when the amount is significant. Mellon’s assets accounted for approximately $500 million worth of Ripple (XRP) before his death back in mid-April.
His death’s conditions have not been announced, but he was on the road to Mexico to seek assistance in overcoming substance abuse.
Mellon had initially invested 2 million in XRP when everyone was skeptical about the future of the industry. He was an early supporter and had this to say about cryptocurrencies:
“Crypto is scary and dark. It’s anti-America. I am pro-America, pro-business and pro-bank. That’s why I went with Ripple.”
His XRP would later be worth $1 billion when XRP peaked earlier this year. Later, he commented about the XRP he held:
“It’s $1 billion virtually for free. I actually have earned it because I was the only person who was willing to raise his hand. My family thought I was insane when I knew it was a home run.”
The assets are now estimated to be worth around $500 million, while some other they estimate then around $250 million. It is said that Mellon had kept the digital keys to his XRP locked in cold storage across different locations in the US and in other people’s names. His idea of distributing access to his fortune across the US was an ingenious one. However, the speculation is high if he had redundancy measures that included a procedure of recovering the assets when he passed on.
According to ethereumworldnews.com, no further developments exist and it can be assumed that all of his XRP is currently inaccessible.