Ripple Wires 63.7 Mln XRP to Jed McCaleb, Followed by 133 Mln XRP More

News
Wed, 04/08/2020 - 09:30
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Yuri Molchan
Crypto Twitter is again witnessing Ripple sending astounding amounts of XRP to its former CTO. Whale Alert confirmed it is for sale
Ripple Wires 63.7 Mln XRP to Jed McCaleb, Followed by 133 Mln XRP More
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Earlier today, the Whale Alert (WA) bot detected Ripple sending 63,704,590 XRP to the wallet of their former CTO Jed McCaleb (presently, a co-founder and CTO of Stellar Lumens). At the current market rates that constitutes $12,293,769 USD.

Apart from that, slightly over 133 mln XRP was sent over the past fourteen hours between crypto exchanges and anonymous wallets.

Whale Alert confirms McCaleb's XRP is to be sold

The WA account commented on the tweet about the transaction, saying:

As per the article, Whale Alert refers to this transfer is a regular one that was made in accordance with an agreement made between McCaleb and Ripple. The settlement agreement also states how much of these XRP millions the former Ripple co-founder and CTO is allowed to sell, and how often.

These regular payments are compensation to Jed McCaleb for his service as a Ripple co-founder. The article also says:

“He [McCaleb] claims to have received 9 billion XRP tokens spread over several addresses at the start of the Ripple ledger. We were able to attribute genesis and other addresses to McCaleb by combining posts made from his blog, XRP Talk and Ripple’s forum (all three have since been taken offline) and information available on the public ledger. By analyzing over 90,000 transactions we were able to track around 8 billion XRP to Ripple, a settlement account and his personal accounts from which he actively sells.”

XRP 1
Image via Medium, Whale Alert

As per the article, within the five years prior to 2019, McCaleb sold around 1.05 bln XRP (most of it via the Luxembourg-located Bitstamp). The total profit was around $135 mln. Jed McCaleb has also donated around 140 mln XRP to charities. In January this year, the former Ripple CTO sold 19 mln more XRP.

XRP 2
Image via Medium, Whale Alert

By now, his assets in XRP total 4.7 bln. Still, McCaleb’s selling activities are limited by an agreement with Ripple, which is likely to expire this year. The Whale Alert’s research has concluded that Jed McCaleb’s sales of XRP do not have any impact on the XRP price.

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Another 133 mln XRP transferred

As per XRPL Monitor, in the past fourteen hours a jaw-dropping amount of XRP was moved – twice as big as that sent to McCaleb – 133.3 mln XRP.

It went in several transactions, the largest of which was either sent or received by Bitstamp (McCaleb’s favourite exchange):

23,381,924 XRP

23,381,924 XRP

24,999,995 XRP

And by Bithumb:

28,000,000 XRP

The rest was transferred by BitGo and anonymous crypto wallets.

XRP 3
Image via Twitter
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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.