Jed McCaleb Dumps 28.6 Million XRP After 25-Day Pause

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Tue, 01/19/2021 - 08:55
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Yuri Molchan
Former Ripple CTO has resumed cashing out his XRP riches after suspending it due to the SEC lawsuit against Ripple
Jed McCaleb Dumps 28.6 Million XRP After 25-Day Pause
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Researcher Leonidas Hadjiloizou has shared that Ripple founder and its first chief technology officerwho is no longer with the companyJed McCaleb, has resumed selling his XRP stash and sold 28.6 million XRP from his "tacostand" crypto wallet.

This totals $8,816,457 at the current XRP rate.

Ripple cofounder resumes XRP sales

According to a tweet by Leonidas Hadjiloizou, on Jan. 18, Jed McCaleb sold 28.6 million XRP coins. That was his first sale after a 25-day pause.

On Dec. 23, according to data from analytics website Bithomp, McCaleb sold 11,069,266 XRP and then went quiet.

Hadjiloizou assumed that the reason for this break was the SEC lawsuit against Ripple and two of its CEOspast and present, Brad Garlinghouse and Chris Larsen, the latter of whom cofounded Ripple Labs together with Jed McCaleb in 2012 when it was known as OpenCoin.

XRP
Image via Twitter

Not the first pause with XRP sales taken by McCaleb

The researcher reminded the community that McCaleb had already paused his XRP sales previously, but that was to allow the charity where he had donated his XRP to sell the coins.

This time, Hadjiloizou believes, McCaleb could have been consulting his lawyers or paused selling for many other reasons.

Jed had paused his sales in the past, to allow a charity he had donated XRP to, to sell. This time, however, he paused his sales right after the lawsuit. There is no way to know why he resumed. He could have waited for some advice from his lawyers or for a million other reasons.

In the comment thread, he adds that McCaleb was in the process of selling another 9.7 million XRP.

Related
Jed McCaleb Believed to Have Paused Dumping XRP Over Ripple Lawsuit

Here's how much XRP McCaleb has left

Leonidas Hadjiloizou believes that the former CTO of the Ripple decacorn has around 3.4 billion XRP left. The initial amount that Ripple was to pay its cofounder for helping set up the company was nine billion XRP.

On Jan. 1, Ripple wired an eye-popping 477 million XRP coins.

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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.