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Jed McCaleb Dumps 100 Million XRP In Past Week, Receiving 365 Million from Ripple

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Mon, 04/12/2021 - 10:44
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Yuri Molchan
Data from XRPscan has it that in the past eight days Jed McCaleb has shifted slightly over 100 million XRP, some expect that his XRP holdings are to run out this year
Jed McCaleb Dumps 100 Million XRP In Past Week, Receiving 365 Million from Ripple
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According to the XRPscan platform, since April 4, Jed McCaleb, the person who helped found Ripple Labs and was its first chief technology officer, has released 100.8 million XRP.

On April 6, McCaleb received a whopping 364,768,757 XRP from Ripple, as per data from XRPscan.

At the present exchange rate of XRP, this constitutes a staggering $139,151,938.

Jed McCaleb keeps selling the rest of his XRP riches

Ripple's co-founder and first CTO has made nine transactions, carrying a total of 100.8 million XRP from his "tacostand" digital wallet.

Each of them bore either 12 million or 8.4 million XRP tokens. Today's transaction was worth 8.4 million XRP.

Prior to the transfer on April 4, Jed had taken a month-long break from releasing XRP. The date of the previous sale was March 4, when 9,713,398.410000 XRP were withdrawn.

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Image via XRPscan

When Jed McCaleb left Ripple Labs, which began as OpenCoin a year earlier, he received a compensation of nine billion XRP coins for cofounding the entity and his help as a CTO.

The settlement agreement prevented him from selling all nine billion coins at once to prevent a price collapse to zero.

Thus, Jed initiated large XRP sales only in 2018approximately six million XRPwhile the rare largest amount he sold prior to that was three million coins.

On Dec. 6, 2020, McCaleb dumped as much as 29.5 million XRP.

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Researcher expects XRP sales to rise

Researcher Leonidas Hadjiloizou has tweeted that, this week, McCaleb allegedly plans to sell 8.4 million XRP daily. As of April 18, Jed is likely to increase sales to more than 40 million XRP per day.

At the current pace, McCaleb may run out of XRP by August of this year, according to the website connected to McCaleb's XRP sales.

However, if he increases the amount of dumped XRP to 40+ million, his XRP stash will dry up earlier than that.

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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.