Ripple’s Former CTO Dumps 100 Million XRP In June Alone
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Co-creator of Ripple network and first Chief Technology Officer, Jed McCaleb will soon exhaust his XRP stash per U.today. He has just 81.5 million XRP off of the original 9 billion XRP stake today on tacostand.
More than 100 million XRP dumped into the market this month by McCaleb
In 2014, McCaleb threatened on XRPtalk.org that he’d soon sell his entire XRP stake, which was equal to 12% of the token’s supply and worth just $45 million at the time. Then came a settlement which restricted him from dumping the entire thing in a short period.
At the start of June, Jed reportedly had as many as 183 million XRP on his wallet balance; this had been reduced to just 114 million tokens by June 25. XRPscan Data shows that McCaleb has just 81.5 million XRP left.
This indicates that he sold about 30 million XRP within a few days and over 100 million since the start of this month. It is apparent that if he continues to go at this pace, he will dump it all very soon.
As at this time last year McCaleb had about 1.1 billion XRP ($700 million at the time). Excluding checkered history, McCaleb remains one of Ripple’s largest holders. This will also bring to an end the journey for XRP enthusiasts who have followed his selling trajectory from 9 billion XRP in 2013.
Ripple’s CEO says the firm will leave the U.S if they lose SEC lawsuit
On June 27, Ripple filed an opposition to SEC’s suggested redactions which include a description of flaws in the expert’s methodology, inconsistency in the SEC’s position, and also statements highlighting the authority’s position.
Ripple is of the belief that SEC’s recommendations aim to avoid public criticism seeing as they intend to suppress the declaration by experts and the reason declared is that it may “inflame the discourse”.
Brad Garlinghouse, CEO of Ripple stated recently that if Ripple ends up losing the suit, the firm would be leaving the U.S for good. The firm also announced the opening of a new office in Canada on Twitter.
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This article first appeared on Coingape.com
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