The ex-CTO of Ripple Labs has completed an eight-year sale of XRP assets that began after leaving for rival project Stellar.
Jed McCaleb made the last outgoing transfer in the amount of 1.1 million XRP worth about $394,000. Thus, the former top manager completed the saga of selling his assets to Ripple, leaving only 46.7 XRP on the famous “~tacostand” crypto wallet. Hours later, the account indicated an account deletion transaction: that the account would no longer exist in the XRP ledger. McCaleb successfully traded a total of 5.7 billion XRP for $3.1 billion at an average price of $0.55 per XRP, which is about 18.6% of the total XRP turnover, according to information provided by online cryptocurrency data provider Whale Alert.
Recall that in 2014, after reporting a quarrel with other Ripple executives, McCaleb left, taking with him his entire share of XRP, which was then equal to about 9% of the total supply. Later that year, the ex-top executive co-founded rival payment protocol Stellar.
When McCaleb announced his intention to sell his share of XRP, it caused the price of the cryptocurrency to drop by 40% in 24 hours. Fearing an uncontrolled drop in quotes if McCaleb sold all his assets at once, Ripple Labs and its former head entered into a contract according to which monthly coin sales were limited.
Since late 2020, Ripple Labs has been involved in a lawsuit initiated by the Securities and Exchange Commission (SEC) alleging that Ripple and its executives offered XRP to investors as an unlicensed security. However, in July 2022, the court defended Ripple in a case against the SEC, accusing co-founders of the company Bradley Garlinghouse and Chris Larsen of aiding and abetting financial impropriety.
Source: Bits
I’m James Harper, a highly experienced and accomplished news writer for World Stock Market. I have been writing in the Politics section of the website for over five years, providing readers with up-to-date and insightful information about current events in politics. My work is widely read and respected by many industry professionals as well as laymen.
