Friday, February 26, 2021

Jed McCaleb Ripple Co-founder Dumps 60 Million XRP; Still Holding 480.5 Million XRP

Ripple co-founder, who was also the CTO of the payment firm, Jed McCaleb, has released a relatively 60 million XRP from his “tacostand” digital wallet. The data in relation to the transactions was provided by XRPscan.

Jed McCaleb Releases 60 Million XRP from His tacostand Wallet

tacostand is an XRP wallet created back in 2012 when Ripple Labs was known as Open Coin. The payment firm was renamed Ripple only in 2015.

Read Also: Ripple, Coinbase, Bitfinex Moved Almost 100 Million XRP

McCaleb left the company over disagreements with the rest of the board to launch Stellar (XLM) in 2013. Upon leaving the company, he was allocated a hefty compensation in XRP for co-founding Ripple. And for also being the first chief technology officer (CTO) of the firm.

Since then, he continued using his tacostand wallet and Ripple has been conducting payments regularly into McCaleb’s wallet.

The most recent transaction that occurred between Ripple and its co-founder according to Whale Alert was the sum of 304,635,504 XRP.

On 9th, 10th, and 11th February 2021, McCaleb released relatively 60 million XRP from the wallet, which is probably meant to be sold.

Jed McCaleb Ripple Co-founder Dumps 60 Million XRP; Still Holding 480.5 Million XRP

Read Also: David Schwartz: My Sister Wants Her Money Back In BTC after Lending Me 2.8 BTC Some Years Ago

According to the data shared in late December 2020, his total XRP holdings and profits amounted to $1.2 billion. His balance currently stands at 480,505,797.33537 XRP.

Jed McCaleb Ripple Co-founder Dumps 60 Million XRP; Still Holding 480.5 Million XRP

Jed McCaleb Keeps Selling XRP despite Ripple-SEC Lawsuit

In late December 2020, the United States Securities and Exchange Commission (SEC) filed a lawsuit against Ripple, the cross-payment firm that oversees the distribution of the digital token XRP, and two of its top executives, Brad Garlinghouse and Chris Larsen.

Read Also: XRP Wallet XUMM Releases ‘Last Beta’ with Improvements, New Features, and Fixes

On 23rd December, McCaleb decided to halt his XRP sales and it was generally envisaged that it was due to the securities lawsuit between Ripple and SEC. However, he resumed his usual sales of XRP in January 2021.

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Solomon Odunayo
Solomon has a growing passion for writing, this propelled him to keenly work on Eagles News Media for about two years before delving into the cryptocurrency and Blockchain industry he finds more interesting. He worked as a crypto Journalist and Editor at NewsLogical before joining Herald Sheets, owing to the priceless experience he has accumulated since he became a contributor in the crypto community.

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