Jed McCaleb, co-founder of Ripple and Stellar, has now sold $1.05 billion XRP since 2014
Jed McCaleb, co-founder of Ripple and Stellar, has now sold $1.05 billion XRP since 2014, according to a new report.
Jed McCaleb, co-founder of Ripple and Stellar
McCaleb’s crypto assets are compensation for his previous role at Ripple. In 2016, after a legal battle with Ripple over how much XRP he was selling, the two sides reached an agreement allowing him to slowly sell a remaining 5.3 billion XRP at a rate as high as 1.5% of the average daily volume of the digital asset.
After exploring McCaleb’s sales, the team at Whale Alert determined that he has 4.7 billion XRP left, and that he continues to sell, releasing 19 million XRP onto the open market this month alone.
Whale Alert posted the addresses it had identified as belonging to McCaleb, which it traced via the information on his blog, forum posts and the public ledger.
“By analyzing over 90,000 transactions we were able to track around 8 billion XRP to Ripple, a settlement account and his personal accounts from which he actively sells.”
It said he sold off the 1.05 billion XRP almost exclusively through Bitstamp.
Total XRP sold for USD by Jed McCaleb and average sale price. Combined totals: 1.05 billion XRP and 135 million USD.
Whale Alert was unable to determine if McCaleb’s sales had affected the price of XRP but said: “because he is exclusively selling XRP, he is adding to the net amount available.”
Whale Alert monitors blockchains and issues notifications on Twitter and Telegram about large movements of cryptocurrency.
- Ripple Partnership With Intermex To Enable Faster Cross-Border Payments Between the United States And Mexico
- XRP Price Increased To $ 0.29, Ripple Unlocked 100 Million XRP, What Will Happen Next?