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Jed McCaleb Receives 291.5 Million XRP from Ripple, Sells 10 Million At Once

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Wed, 07/07/2021 - 08:04
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Yuri Molchan
Ripple fintech giant has moved another XRP lump to McCaleb as part of the compensation agreement, but his XRP holdings keep shrinking
Jed McCaleb Receives 291.5 Million XRP from Ripple, Sells 10 Million At Once
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Ripple fintech service provider has moved another large amount of XRP to the person who helped found it and worked as its first CTO for a year – Jed McCaleb.

He has received over 291 million XRP tokens from the company, a tweet posted by the Whale Alert service that tracks large transactions of digital currencies says.

McCaleb did not bother to postpone selling XRP and sent around 10 million XRP to a crypto exchange.

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Image via Twitter

291.5 million XRP goes to McCaleb’s wallet, 10 million goes out of it

Data shared by the Whale Alert Twitter bot shows that around fifteen hours ago, Ripple Labs transferred a whopping 291,570,224 XRP tokens to the wallet belonging to Jed McCaleb – “tacostand”.

This is an equivalent of $192,347,323 at the current exchange rate of the coin.

The previous large lump of XRP that hit McCaleb’s XRP address was 408,123,659 (equal to $274,305,403 in fiat) sent by Ripple on June 3.

After selling 9,859,906 XRP coins today, Jed still has 631,267,190 XRP remaining in his wallet.

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Image via XRPscan

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Jed is about to finish selling his XRP

Back in 2013, a year after Ripple Labs (started as OpenCoin in that year and rebranded a few years later) was founded, McCaleb decided to leave the position of the CTO and the company itself over discrepancies with the other founder, Christopher Larsen, regarding the further course Ripple should take.

He was given a compensation of nine billion XRP but as per the terms of the agreement, McCaleb was not allowed to sell all these billions XRP at once so as not to take the coin’s price to zero.

Since then, McCaleb has been receiving healthy XRP transactions and selling those amounts.

Some in the community believe that Jed should run out of his nine billion XRP by the time September arrives.

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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.