Ex-Ripple exec Jed McCaleb dumped over $310 million in XRP this month

Secure your wealth: Invest in a Crypto Index Fund

Jed McCaleb, former CTO and co-founder of payment network Ripple (XRP) and current CEO of Stellar (XLM), has sold roughly 275 million XRP since early May as part of his daily “dumping.”

The great XRP dump

According to blockchain explorer XRPScan, McCaleb received just over 442 million XRP from Ripple on May 2. Since that day, he continued to move tokens out of his “Tacostand” wallet to sell them.

Since May 2, McCaleb has conducted seven outgoing transactions of 17,301,056 XRP, another seven of 13,398,341 XRP, and six transfers of 10,008,592 XRP. In total, he has sold 274,947,331 XRP—worth at least $310 million at current prices—during this time.

Notably, the transactions continue the pattern that is evident in McCaleb’s previous sales. Namely, he sells his XRP daily in similar batches for seven days in a row, then changes the size of each transaction for the next seven days, and so on. 

According to this pattern, he will sell another batch of 10,008,592 XRP tomorrow, after which his daily dumps will change again for the next seven days. Meanwhile, McCaleb still has 390 million more XRP in his “Taco stand” wallet.

Daily dumps must go on

McCaleb co-founded Ripple in 2011 and later left the company in 2014 over internal disagreements, according to Ripple’s current CTO David Schwartz. After his departure, McCaleb tried to immediately dump all his XRP but Ripple stopped him from doing that, likely to preserve the token’s market price, and might’ve inadvertently made him a billionaire in retrospect.

“Jed tried to dump his XRP quickly and Ripple acted to stop him through a series of lawsuits. Thanks to Ripple’s refusal, Jed’s XRP will probably be worth more than $1 billion. He will probably be the only person to become a self-made billionaire despite his best efforts,” Schwartz wrote in 2018.

Additionally, he argued that “Jed’s reaction to not getting his way on these issues was to publicly say bad things about the company and start a competitor.”

Still, McCaleb continues to gradually sell his tokens on a daily basis since then, albeit in small portions, while Ripple regularly sends additional batches of XRP he is entitled to. According to Forbes, McCaleb’s net worth amounted to $6 billion on May 10 but shrunk to $4.4 billion on May 19 amid a massive “panic sale” on the crypto market.

Get an edge on the cryptoasset market

Access more crypto insights and context in every article as a paid member of CryptoSlate Edge.

On-chain analysis

Price snapshots

More context

Join now for $19/month Explore all benefits

Secure your wealth: Invest in a Crypto Index Fund

Like what you see? Subscribe for updates.

Source link

Comments are closed.

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

No coins selected