Jed McCaleb, who co-founded SEC-hit financial technology giant Ripple, has sold more than 222 million XRP tokens in the past 16 days.
Jed McCaleb Pocketed $115 million from XRP Conversion
Jed McCaleb continues to sell the remnants of his XRP fortune, constantly sending coins from his “taco stand” wallet to digital exchanges to convert them to fiat currency.
According to XRPscan data, he’s spent a staggering 222,600,000 XRP in the past two weeks, which equates to $115,633,766.
In 2013, McCaleb left Ripple Labs, which he co-founded with Chris Larsen, and then used the native XLM token to create a competing Stellar platform.
Since then, he has received sizeable rewards for creating XRP. In order to prevent Jed from bringing the entire billions of XRP to market and the prices from falling, the money is paid out in pieces.
Assets. Source: XRPscan
Jed still holds 383 million XRP
McCaleb’s regular XRP sales, however, appear to have no bearing on the XRP exchange rate.
In the past two weeks, 16 clumps of XRP have been divided into two groups. Each payment set contains 18.5 million and 9.2 million XRP, respectively.
At the time of going to press, the balance in the “Tacostand” wallet is 383,092,083 XRP tokens.
Account Summary. Source: XRPscan
The community expects McCaleb to sell all of its XRP storage by the end of this year, which is currently less than 3 billion. If he wants to sell, part of it is transferred to “Tacostand”.
Since December 21st, Ripple has been fighting the SEC lawsuit for “illegal XRP sales”. Brad Garlinghouse and Chris Larsen were both sued for the sale of “unregistered securities”: XRP.
Although Jed McCaleb was one of the founders of Ripple, he was not mentioned in the SEC lawsuit.