Jed McCaleb, co-founder of Ripple, recently took to the X social media network to address concerns about his XRP sales.

McCaleb denied accusations that he deliberately harmed investors out of frustration with Ripple’s decisions.

The cryptocurrency entrepreneur stated that he informed the community of his departure because he no longer believed in the project. According to him, his intent was to allow others to front-run his sales.

“The intent was to let people front-run me. The alternative was to sell without telling people. Is that better?” he added.

The 50-year-old businessman also emphasized that he never promoted XRP as an investment, which is why he was not targeted by the SEC.

As one of Ripple’s co-founders, McCaleb was allocated a total of 9 billion XRP in 2012. He left Ripple in 2013 and later co-founded Stellar, a competing project, due to differing visions with the company.

In 2014, McCaleb reached an agreement with Ripple to gradually sell his XRP holdings. Initially, his sales were capped at $10,000 per week. Ripple later sued McCaleb, accusing him of violating the 2014 agreement by exceeding the contractual limits. Following a settlement, a new agreement was reached in 2016, tying McCaleb’s sales to XRP’s trading volume.

By 2022, McCaleb had fully liquidated his XRP holdings. Ripple CTO David Schwartz previously claimed that McCaleb attempted to dump all his XRP at once, but the company prevented him from doing so through legal actions. “He will probably be the only person to become a self-made billionaire despite his best efforts,” Schwartz quipped in a Quora response.

A billion-dollar bet on space

McCaleb, who also founded the infamous Mt. Gox exchange, has amassed a staggering $3.2 billion from selling his XRP holdings and company stake.

The crypto billionaire recently re-emerged in the spotlight after Bloomberg reported that his crypto fortune is now funding the development of the world’s first commercial space station.

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