- Ripple CTO David Schwartz clarified that early claims of “lost” XRP were due to normal ledger resets, not destroyed coins.
- The 35,000 XRP in question had no value at the time, making the “loss” essentially insignificant.
Ripple’s XRP has faced many debates since its launch, including rumors that thousands of coins were lost due to a technical glitch. Ripple’s CTO, David Schwartz, recently clarified the facts, shedding light on XRP’s early history and its original value.
The “Lost XRP” Myth
Critics claimed a bug accidentally lost 534 transactions from Ripple’s 2012 premine of 100 billion XRP. This sparked concerns about Ripple’s holdings and whether the total supply could be independently verified.
Schwartz explained in a Decrypt interview that Ripple’s accounts remain transparent and traceable on the blockchain. While early account ownership details are not fully public, the source of funds can always be tracked. At the time of the supposed “loss,” Ripple controlled 99.9% of all XRP, so the coins involved were minimal compared to the total supply.
XRP Had No Value in the Early Days
In 2012, XRP had literally zero market value. Schwartz said the team often distributed coins arbitrarily, giving out amounts like 35,000 XRP without expecting them to have financial worth. Multiple ledger resets occurred during protocol updates, which was standard practice. The “lost” XRP reflected early ledger changes rather than actual destruction of coins.
No Coins Were Destroyed
While some early transaction history was lost, the XRP itself remained intact. Each ledger records current balances, which can be traced to Ripple founders if they came from the premine. Only the full transaction history from the earliest days is missing, something that could have been erased if additional ledger resets occurred.
Ripple’s Holdings Remain Transparent
Schwartz emphasized that these ledger resets were part of normal blockchain development and that the small number of coins in question had no value. Today, Ripple’s holdings remain fully transparent and verifiable through public blockchain data. “All the balances are visible, and it’s known whether they were funded from the founders of Ripple,” he said.
Understanding XRP’s early days shows that the “lost coins” story is a myth. The cryptocurrency’s supply remains intact, traceable, and fully verifiable, clearing years of misinformation.
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