Ripple co-founder offloaded 54 million XRP last month
McCaleb continues steady selloff, at a rate of almost $400,000 dollars worth a day last month
Jed McCaleb, the departed co-founder of blockchain payments firm Ripple, reportedly offloaded $11.7m (€10.5m, £9.2m) worth of XRP in April.
According to crypto research firm TheCryptoAssociate, which tracked the activity of McCaleb, the former executive sold 1.8 million XRP a day last month, almost $400,000 a day.
McCaleb’s rampant offloading of the token he helped to create has long provoked upset between him and his former company, as well as interest from the wider crypto community.
On his departure from Ripple in 2014, McCaleb announced his intention to sell all of his associated holdings, around 7 billion XRP. This triggered a 40 per cent drop in the crypto's price and brought Ripple to the negotiating table.
The seven-year agreement which resulted limited his monthly and annual sales. Ripple brought a lawsuit against McCaleb in 2016 accusing him of violating the arrangement. Consequently his daily sales cap was set at 1.5 per cent of XRP’s daily volume.
Following the lawsuit, Ripple’s CTO David Schwartz joked: “Thanks to Ripple’s refusal, Jed’s XRP will probably be worth more than $1bn. He will probably be the only person to become a self-made billionaire despite his best efforts.”
Regardless of such boardroom conflagrations, McCaleb remains an important figure in the creation and evolution of the cryptocurrency world.
He became well known first as the creator of the Mt. Gox Bitcoin exchange, which once handled 70 per cent of all BTC transactions. This turned to notoriety after 850,000 BTC were stolen and the exchange declared bankruptcy.
Responding to the question of his XRP offloading, McCaleb stated earlier this year: “The market has known for years that I have been selling my XRP at a slow, steady rate. My investment decisions are not based on any desire to negatively impact other companies in this industry.”
He now runs Ripple competitor Stellar (XLM). By mid-morning Monday trading XRP stands down 4.80 per cent at $0.212185, while XLM has fallen 5.39 per cent to $0.069228.
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