Former Ripple’s Co-founder Sold 265 million XRP From His Electronic Wallet in May So Far

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Former Ripple's Co-founder Sold 265 million XRP From His Electronic Wallet in May So Far
Former Ripple's Co-founder Sold 265 million XRP From His Electronic Wallet in May So Far

The data shared by the XRPscan platform shows that Jed McCaleb, who co-founded Ripple with Chris Larsen, has sold nearly 265 million XRP from his electronic address in the past 20 days.

At the same time, there are nearly 400 million XRP left in his “Taco stand” wallet. According to Forbes reports, his net worth has recently fallen by 27%.

McCaleb Moved 265 Million XRP in Batches

XRPscan shows that Jed McCaleb has made 20 transactions of 10 million, 13.4 million and 17.3 million XRP, respectively, since May 2nd after receiving 442,127,865 XRP from the Ripple address.

Last week, Ripple’s co-founders dumped 80.4 million XRPs (six transfers were 13,398,341,010000 XRPs). This week he sold 10,008,592,270000 XRP every day and moved a total of more than 60 million tokens.

McCaleb currently has 399,263,523.855929 XRPs in the “taco stand.” Calculated using the current exchange rate of $1.12, this equates to approximately $449,116,308, data from CoinMarketCap.

Source: XRPscan

Will McCaleb cut his daily sales next week?

So far, interest in XRP sold by Ripple’s co-founder “defected” (who left Ripple in 2013 to find a rival’s Stellar blockchain with his native XLM coin), has decreased daily.

He began dumping 17,301,056 XRP in May. The second week it was 13.4 million, now it’s 10 million.

In April, he initially sold 12,093,062 XRP per day and then switched to dumping 8,399,180 XRP per day.

Blockchain researcher and analyst Leonidas Hadjiloizou believes McCaleb will use up his XRP reserves in early September as his original 9 billion XRP reserves steadily shrink.

Larsen and McCaleb Net Worths Dwindled

Previous reports show that the net worth of 11 cryptocurrency billionaires fell sharply over the May 10-19 period when the sharp decline in the cryptocurrency market was in full swing.

These include Chris Larsen (former CEO of Ripple) and Jed McCaleb. According to a Forbes article, XRP’s founders net worth fell 19% and 27%, respectively.

Larsen lost $1.3 billion and McCaleb lost $1.6 billion. Other “victims” are Brian Armstrong, CEO of Coinbase, the Winklevoss twins, Barry Silbert, etc.

Because of the cryptocurrency massacre, MicroStrategy CEO Michael Saylor and global investor and Bitcoin supporter Tim Draper suffered the most. The head of Binance, CZ, has a net worth of $1.9 billion and no financial losses.