Saturday, January 23, 2021

Despite SEC’s Lawsuit, Ripple Unlocks about 1 Billion XRP, Sends 477 Million XRP to Jed McCaleb

According to reports from the large crypto transactions’ tracker Whale Alert, it is still business as usual for Ripple, the San Francisco based cross-border payment firm, despite a pending U.S. SEC’s lawsuit.

On 1st January 2021, Whale Alert reported via its official Twitter handle that Ripple has unlocked its regular XRP lump. However, it’s a bit less than usual this time. According to the report, the payment firm unlocked 900 million XRP instead of the usual 1 billion.

The report also added that Ripple wired a whopping 477 million XRP to its co-founder Jed McCaleb. But the transaction was not from escrow. So, the transfers of XRP transacted by Ripple on the first day of January 2021 stand around 1.3 billion.

Read Also: Ripple Moves to Sell One-Third of Its Stake in MoneyGram for the First Time

Ripple Unlocks 900 Million XRP from the Escrow

Blockchain payment firm, Ripple unlocked about 1 billion XRP from escrow based on its custom on a monthly basis. Although most of the XRP unlocked will still be locked back in escrow within the same range of hours.

The total funds unlocked today is 900 million XRP worth $193.05 million at the time of filing this report.

Despite SEC’s Lawsuit, Ripple Unlocks about 1 Billion XRP, Sends 477 Million XRP to Jed McCaleb

Jed McCaleb Receives 477M XRP worth $102.3M from Ripple

As aforementioned, Whale Alert also tracked and reported a 477 million XRP currently worth $102 million sent to the former Ripple CTO, Jed McCaleb.

Despite SEC’s Lawsuit, Ripple Unlocks about 1 Billion XRP, Sends 477 Million XRP to Jed McCaleb

The whopping sum of XRP sent to McCaleb is part of the settlement following his departure from Ripple in 2013 after a certain disagreement with the payment firm. Currently, he’s the CTO of Ripple’s rival platform, Stellar.

Read Also: Ripple’s Lawyer Points out A Single Legal Question at the Center of SEC’s Lawsuit

Based on the agreement, Ripple has been paying him 8 billion XRP in parts, in order to prevent him from dumping his XRP holdings on the market at once.

According to the data recently shared by Whale Alert, the estimated holdings and profits of Jed McCaleb amount to $1.2 billion.


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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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