In a move that has likely drawn criticism from many, Jed McCaleb, founder of the now-defunct Ripple, has sold a significant amount of Ripple (XRP) during the last few months. McCaleb’s reason for this is to fund his new project, Stellar, a company he is involved in that now has a market value of $3.9B.

Recently, a user named mikemccann on Reddit posted a thread titled “Jed McCaleb sold $6M worth of XRP as he further receives $194M worth of XRP from Ripple”. In the post, mikemccann alleges that Jed McCaleb has been receiving ~$194,000,000 worth of XRP (or at least looking like he does). On the surface, this seems like a pretty large discrepancy. The “insider” who shared this information with mikemccann is a user named Nolab.

Jed McCaleb sold his XRP 9,859,906, after which Ripple handed over 291.5 million XRP to his former CTO and co-founder.

McCaleb received $194,534,012 from XRP:

According to data shared by blockchain analytics firm Whale Alert, Ripple was out 6. July 291,570,224 XRP transferred to Jed McCaleb. The transaction was sent from Jed Mccaleb’s settlement to Jed Mccaleb’s wallet.

At the current XRP price, the coins received from McCaleb equal $194,534,012. Meanwhile, McCaleb sold 9,859,906 XRP on the market. The number of chips sold by McCabe equals a value of $6,577,806. McCaleb’s Tacostan portfolio was used for both transactions.

 

As a result of these intense transfers, McCaleb now has a total of 631,267,190 XRP. This amount is equivalent to $421,331,698.

Ripple-McCaleb Regulation:

After co-founding Ripple with Chris Larsen and serving a year as the company’s CTO, McCaleb left Ripple in 2013. As a result of the split, the 2016 dispute between Ripple and McCaleb ended in litigation. But after a month of continued efforts, an agreement was reached between the parties.

The settlement guaranteed McCaleb a transfer of XRP 8 billion from Ripple. In return, McCaleb was forced to relinquish control of some of the XRP he and his family owned. The transfer had to be done in installments, not all at once, and McCaleb also may not sell all the XRP he owns at once.

Prior to this particular reference, McCaleb received the 3. June XRP 477,700,829, which is equivalent to $318,788,976 at the current exchange rate.

McCaleb, one of the richest in cryptocurrencies :

According to Forbes, McCaleb’s net worth is estimated at $2 billion, making him the ninth richest person in the cryptocurrency world. He also became the 1580th billionaire in the world.

He is currently the CTO of Stellar, which he co-founded with Joyce Kim, a former attorney.

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