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Former Ripple CTO Jed McCaleb Finally Gets Rid of his XRPs
Chayanika Deka - CryptoPotato
2022-07-18 17:46
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Jed McCaleb, the co-founder of Ripple, completed his last transfer of 1.1 million XRP (worth over $394k) on July 17.
- The former exec has been dumping his XRP holdings for almost eight years.
- The execution of his last transfer marked the end of a billion-dollar dumping spree that began in 2014 after he left Ripple Labs following a fallout with his fellow co-founders and went on to co-found Stellar Development.
- The amount of XRP funds dumped by McCaleb represents more than 18% of the total circulating supply of the crypto.
- McCaleb, along with the current CEO Brad Garlinghouse and Chris Larsen, had received a share of 20 billion XRP tokens.
- The trio agreed to a lock-up of McCaleb’s nine billion XRP holdings due to price crash concerns in case of an immediate sale.
- As per the agreement, McCaleb was prevented from selling more than $10,000 worth of XRP per week.
- That limit was then increased to $20,000 per week for the three years to 2017.
- The agreement was again amended to apply to the total number of XRP sold, imposing a yearly limit of 1 billion XRP tokens during the period 2018-19, followed by 2 billion in the years after.
- McCaleb’s wallet “tacostand” was now listed as an “ACCOUNT DELETE” transaction, meaning it will be deleted from XRP Ledger.
- The latest development comes a day after a satire piece by the “The Crypto Town Crier” said that McCaleb will be holding on to his last 5 million XRP “just in case it moons.”
- The article said the former Ripple CTO “woke up in a cold sweat Thursday night and realized he just couldn’t let the last of his holdings go.”
- The satire piece led many to believe that it was, in fact, true.
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