Ripple’s co – founder and former CTO may be selling millions of dollars worth of XRP every day-but the company behind the token is still sending him more and more.
– Whale Alert (@whale_alert) June 3, 2021
Blockchain payments company Ripple today sent another payment of over 408 million XRP tokens to its co-founder and former chief technology officer Jed McCaleb. These are worth around $ 420 million at current prices.
According to the Blockchain Explorer XRPScan this is the latest of massive XRP transactions that Ripple McCaleb has sent monthly since September 2020.
McCaleb, in turn, gradually repels his tokens in smaller portions. In the process, the Ripple co-founder selects a certain amount of XRP each week (usually quite substantial for the standards of mere mortals) and then sells it for seven days in a row.
Last week, McCaleb’s “dumps ” totaled 16,353,884 XRP per day-or about $ 16.85 million. Before that, he sold just over 10 million XRP daily for two weeks. At the time of publication, there are still 633,699,648 XRP ($652 million) in his “Tacostand” wallet.
Fuel for the XRP dumping engine
McCaleb left Ripple in 2014 due to “internal disagreements” after co-founding the company in 2011. After his departure, McCaleb initially tried to dump all of his XRP tokens in one fell swoop. However, Ripple stopped him from doing so by filing a number of lawsuits, such as the company’s current CTO, David Schwartz, in 2018 explain hat:
“Jed tried to get rid of his XRP in one fell swoop, but Ripple prevented him from doing so with a series of lawsuits. Thanks to Ripple’s refusal, Jed’s XRP is likely to be worth more than $ 1 billion. He will probably be the only person who, despite his efforts, has become a self-made billionaire.“
Meanwhile, Ripple remains embroiled in litigation with the US Securities and Exchange Commission (SEC) over the sale of XRP. In the lawsuit, the regulator claims that Ripple and its executives, CEO Brad Garlinghouse and Chairman Chris Larsen, have accumulated “over $ 1.3 billion through unregistered, ongoing offerings of digital securities” since 2013.
However, only a small percentage of such cases ever end up in court, as lawyer Jeremy Hogan points out. So the SEC is likely to reach an agreement with Ripple before the trial begins-a good sign for Ripple’s XRP.
Text evidence: Cryptoslate
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