Ripple co-founder Jed McCaleb stopped dumping his XRP after the SEC filed a lawsuit against Ripple
The story of former Ripple employees regularly selling their holdings is an all too familiar story in the cryptocurrency community. And recently, researcher Leonidas Hadjiloizou claimed that Ripple co-founder (and former CTO) Jed McCaleb has so far stopped selling XRP holdings.
The former Ripple founders stopped selling off their XRPs after the SEC filed a lawsuit against Ripple
Crypto expert claims that Ripple co-founder Jed McCaleb stopped selling off his XRP after the SEC filed a lawsuit against Ripple, its CEO, and another co-founder Chris Larsen. The researcher believes the reason for that may be the SEC’s lawsuit against Ripple announced by the regulator on December 21.
The company’s former CTO has regularly received his cuts for helping to found Ripple – 9 billion coins. He got that money in regular payments and then sold several million XRP at once.
Part of the settlement deal he signed when he left Ripple in 2013 was that he was not allowed to sell all 9 billion XRP in his pocket on the market at once. So McCaleb has been doing it gradually. On December 9, he received a whopping 266,305,309 XRP payout.
On December 23, he received another huge XRP volume from Ripple – 133,152,654 XRP. According to on-chain data from Bithomb, the last XRP sale by McCaleb from his tacostand wallet was made on December 23.
Leonidas Hadjiloizou also shared this fact, tweeting that the former CTO has stopped dumping his money.
Source: XRPScan
A Twitter user in the comment stream claimed that McCaleb was worried after the SEC filed a lawsuit against Ripple, chief executive Brad Garlinghouse, and co-founder Chris Larsen.
He had. He stopped yesterday. Not sure if it’s him that stopped or Ripple was forced to stop, affecting Jed’s sales as well.
— Leonidas Hadjiloizou (@LeoHadjiloizou) December 25, 2020
McCaleb is also the co-founder of Ripple and has sold XRP just like Larsen and Garlinghouse (they have been accused of selling unregistered investment contracts – securities). In his tweet, Hadjiloizou mentioned the upcoming 1 billion XRP will be released from Ripple’s escrow on Jan. 1.
No Jed sales today either. Second day in a row. Looking forward to seeing what Ripple will do with the January XRP escrow release in a week.
— Leonidas Hadjiloizou (@LeoHadjiloizou) December 25, 2020
He wondered if, after the ongoing legal action from the SEC, Ripple would change plan to unlock this huge amount or not.
Read more:
- Why Was The SEC Complaint About Ripple Not Filed For Seven Years, Maybe They Didn’t Provide The Whole Story
- Bitstamp To Halt All Trading And Deposits Of XRP For Our US Customers, XRP Has Dumped Over 15%