Matthew Mellon, cryptocurrency investor and inheritor to one of the crucial affluent banking fortunes, has died in a rehab middle in Mexico at age 54, in response to a number of sources. His demise was later confirmed by his cousin Peter Stephaich, who declined to supply particulars.
Mellon mentioned he could be checking into rehab in 2016 shortly after asserting he and his second spouse have been going by a divorce. That very same yr, he admitted spending $100,000 a month on his dependancy to OxyContin. Mellon claims to have taken 80 drugs a day when he checked himself into the Passages therapy middle in Malibu, California.
“[Using that much] is the demise zone,” Mellon instructed Web page Six on the time.
Mellon, a former chairman of the New York Republican Social gathering’s finance committee, mentioned he bought hooked after a browsing damage when docs prescribed OxyCotin “like they have been Smarties.”
Mellon descended from two highly effective banking corporations. His father based Mellon Financial institution, now a part of BNY Mellon, whereas he was associated on his mom’s facet to Anthony Joseph Drexel, co-founder of Drexel Burnham Lambert, the now-defunct financial institution well-known for pioneering junk bonds. Mellon inherited 13 belief funds beginning with a $25 million allowance when he was 21 years outdated.
The outstanding determine made his personal fortune in recent times off cryptocurrency, investing in Ripple and its token XPR. Ripple is now the third largest cryptocurrency behind Bitcoin and Etherium, in response to CoinMarketCap.
The cryptocurrency was cited in a press release launched by a consultant for the household.
“Matthew Mellon, 54, died all of the sudden in Cancun, Mexico, the place he was attending a drug rehabilitation facility. Mellon made his fortune in cryptocurrency, turning a $2 million funding into $1 billion,” the assertion mentioned. “He’s survived by his three youngsters, Power, Olympia and Minty. The household asks that their privateness be revered at this very painful time.”
Mellon mentioned his household, who thought he was “insane” due to his drug dependancy, had tried to discourage him from investing in cryptocurrency. He did anyway, placing tens of millions in Ripple, which he felt was considered one of few digital cash that attempted to work throughout the current banking techniques. Mellow reportedly made near $1 billion off Ripple’s success, in response to a Forbes profile of the richest individuals in cryptocurrency.
“Crypto is frightening and darkish. It’s anti-America,” Mellon instructed Forbes earlier this yr. “I’m pro-America, pro-business and pro-bank. That’s why I went with Ripple. It’s $1 billion just about without cost. I even have earned it as a result of I used to be the one one who was keen to lift his hand.”
Particulars about his demise haven’t but been confirmed.
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