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Jed McCaleb Dumps 108.3 Million XRP with 537 Million Remaining in His Wallet

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Wed, 03/10/2021 - 07:56
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Yuri Molchan
Ripple’s first CTO Jed McCaleb continues to sell his XRP riches, converting the coins into fiat, and around 537 million XRP remains in his wallet
Jed McCaleb Dumps 108.3 Million XRP with 537 Million Remaining in His Wallet
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Over the past seven days, the person who helped created Ripple Labs, Jed McCaleb, was noticed selling several XRP lumps from his "tacostand" wallet with the total amount exceeding 108 million tokens.

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Image via XRPscan

Jed McCaleb cashes out 108.3 million XRP

Data obtained from XRPscan shows that, in the past seven days, Jed McCaleb, who founded Ripple Labs together with Chris Larsen and was also its first chief technical officer, has made seven XRP transfers from his "tacostand" wallet.

Half of these transactions carried 13 million XRP each and the other half carried 18 million XRP.

Earlier, U.Today reported that Ripple had sent McCaleb a whopping 672,974,493 XRP (around $277.7 million in fiat back then).

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Jed has another 537 million XRP on his wallet balance

At press time, the remaining XRP balance on McCaleb's wallet totals 536,996,596.086819 XRP.

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Image via XRPscan

McCaleb still owns almost three billion XRP

The community believes that Jed has around three billion coins left and that he may well sell all of them by the end of this year.

McCaleb left Ripple in 2013 after founding it with Chris Larsen (its former CEO) a year before over certain disagreements with Larsen.

He was entitled to compensation for his help in founding the company and serving as its first CTO, so Ripple agreed to pay out several billion XRP to McCaleb.

However, the money is being sent to him in lumps on a regular basis to prevent him from dumping the whole amount to the market at once and bringing the XRP price down.

Jed's regular XRP sales, however, do not impact the exchange rate of XRP. The lawsuit initiated by the SEC in late December 2020 is much more influential on XRP than the regular dumps by the former CTO.

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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.