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Jed McCaleb Believed to Have Paused Dumping XRP Over Ripple Lawsuit

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Sat, 12/26/2020 - 10:07
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Yuri Molchan
Crypto expert assumed Ripple co-founder Jed McCaleb stopped dumping his XRP after the SEC filed a lawsuit against Ripple, its CEO and the other cofounder Chris Larsen
Jed McCaleb Believed to Have Paused Dumping XRP Over Ripple Lawsuit
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Researcher Leonidas Hadjiloizou reckons that the Ripple cofounder (and former CTO) Jed McCaleb has so far stopped selling his XRP holdings.

The reason for that, the researcher believes, could be the SEC lawsuit against Ripple announced by the regulator on December 21.

Jed McCaleb suspends regular XRP sales

Former CTO of the company has been regularly receiving his cut for helping to found Ripple – 9 billion coins. He has been receiving that in regular payouts and then selling several million XRP at one go.

Part of the settlement agreement he signed when leaving Ripple in 2013 was that he is not allowed to dump all of his 9-billion-XRP bag on the market at once.

So McCaleb has been doing it gradually. On December 9, he received a mammoth-sized payout of 266,305,309 XRP.

On December 23, he received another gargantuan XRP lump from Ripple - 133,152,654 XRP.

As per the on-chain data from Bithomb, the last XRP sale made by McCaleb from his “tacostand” wallet was made on December 23.

Leonidas Hadjiloizou has also shared this fact, tweeting that the former CTO has stopped dumping his coins.

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A Twitter user in the comment thread assumed that McCaleb got worried after the SEC filed a lawsuit against Ripple, its chief executive Brad Garlinghouse and a cofounder Chris Larsen.

McCalleb is also a Ripple cofounder and has been selling XRP just like Larsen and Garlinghouse (they have been accused of selling unregistered investment contracts – securities).

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Image via Twitter

Related
Ripple Is Not the Only Crypto Giant Sued by SEC, Here Are Some More

Will upcoming 1 billion XRP release be affected?

In his tweet, Hadjiloizou mentioned the approaching 1-billion XRP release from escrow by Ripple on January 1.

He wonders whether in light of the ongoing legal action from the SEC Ripple will change its plans on unlocking this giant amount.

XRP
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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.