Main navigation

Ripple Wires 133 Mln XRP to Jed McCaleb Along with Locking 800 Mln XRP Back in Escrow

News
Wed, 09/02/2020 - 10:45
article image
Yuri Molchan
Jed McCaleb receives another jaw-dropping XRP lump from Ripple as the blockchain decacorn locks 800 mln back in escrow and transfers 106 mln XRP to its former CEO
Ripple Wires 133 Mln XRP to Jed McCaleb Along with Locking 800 Mln XRP Back in Escrow
Cover image via stock.adobe.com
Read U.TODAY on
Google News
Contents

Following its recent tradition, Ripple unlocked one bln XRP from escrow on Sept. 1, and now it has sent almost all of it back to be locked, according to Whale Alert.

Besides, the blockchain behemoth has made another hefty payment to its co-founder Jed McCaleb, who is no longer part of Ripple, sending him 133 mln XRP.

Ripple locks up 800 mln XRP

On the first day of every month, blockchain decacorn Ripple unleashes 1 bln XRP. Previously, some in the community complained about that, speculating that these regular "XRP dumps" prevent the coin from catching up to its 2018 ATHwhen the coin reached $3.23 in January before starting to decline.

However, recently, Ripple began returning eighty percent of the released amount back to escrow. Therefore, this time, after unlocking 1 bln XRP, 800 mln was sent back to where it came from.

XRP
Image via Twitter

According to Ripple, these XRP lumps are taken out of escrow every month to maintain high interest in investors and to support the consistent use of XRP.

All in all, Ripple's plan is to release 55 bln coins, in the amount of one bln each month. At the present rate, 1 bln XRP totals $280,657,558.

133 mln XRP wired to McCaleb's wallet

Whale Alert has also reported that Ripple transferred 133,152,655 XRP (worth $38,896,812) to its former chief technical officer, Jed McCaleb, who helped found OpenCoin, which later transformed into Ripple.

The blockchain giant sends these payments to McCaleb’s "tacostand" wallet regularly as part of the settlement agreement after his resignation. Compensating him for his role as Ripple co-founder in pieces like this prevents McCaleb from dumping his XRP on the market and taking XRP down even lower than it is now.

XRP
Image via whale-alert.io

Related
Major Ripple Partner to Be Added to Nikkei Index, Its Shares Spike

Chris Larsen and Ripple shift 106 mln XRP

According to XRPL Monitor, 69.2 mln XRP were sent from several Ripple wallets over the past twenty-four hours.

A total of 37,499,900 XRP were shifted by former CEO Chris Larsen. He also received 17 mln XRP from an anonymous address to his wallet.

article image
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.