In their world, when a person dies, his estate goes to his spouse, children, parents, relatives or even the state, if the will was not properly drafted.
But in the world of cryptocurrencies where a law “is Not your key is not your crypt”, it is very difficult to predict what will happen to digital assets after the owner’s death.
An integral part of investing in cryptocurrencies — “storing a secret key in security and privacy”. The only way by which other people can spend your coin to get access to your keys. To prevent unauthorized access, you need to make sure that no one knows the keys. But what if sudden death comes, and the secret key is not transmitted to the heir?
Unfortunately, that’s exactly what happened to 54-year-old cryptocurrency millionaire Matthew Mellon, who died suddenly, leaving half a billion dollars in Ripple (XRP) forever locked in their wallets.
According to a statement from his family, Mr. Mellon took a course of rehabilitation from drug addiction in a medical facility in Mexico.
“He survived only for the sake of their children. The family asks that their privacy be respected at this very painful time, ” the statement said.
Tycoon, reportedly, was an early investor in Ripple and initially invested $ 2 million in cryptocurrency, even when others were skeptical about such investments.
According to Matthew Mellon:
“Cryptocurrency is scary and dark. It is anti-America. I’m for America, for business and for banks, so I chose Ripple”.
In the end, the profit Matthew from these investments amounted to 1 billion. He lived a luxurious life, spending about 7 million every month.
“It’s an easy $ 1 billion. Although, actually I earned it because I was the only person who wanted to take the risk. My family thought I was crazy, but I knew it was the right decision, ‘ said Mr Mellon.
The remaining XRP is estimated at $ 500 million, but according to others the coins in half.
The Mellon family can inherit his cryptocurrency as, only if you find the secret access keys. Rumor has it that the deceased retained their digital assets in cold wallets, which are “scattered” across the United States using fictitious names. Chief assistant Mellon claims that the millionaire has suffered this paranoia about their cryptocurrency savings. We also learned that Matthew was owned bitcoins, but how many remains a mystery that may never get an answer.