Ripple founder McCaleb dumps: 222 million XRP in 14 days
The ruble is rolling again for Jed McCaleb: The Ripple co-founder’s XRP sales have picked up significantly.
Jed McCaleb is busy selling again: Within two weeks, the Ripple co-founder has liquidated over 222,700,000 XRP. This is shown by data from the XRP ledger explorer XRPSCAN.
This means that McCaleb has again significantly increased the frequency and volume of his sales compared to the beginning of the year. Between 25 December and 18 January, McCalb had even stopped his XRP sales altogether. Because the US Securities and Exchange Commission’s lawsuit against Ripple was published of Immediate Edge shortly before, some observers suspected a connection between the lawsuit and McCaleb’s suspension of XRP sales. However, the former Ripple CTO is not one of the defendants. Co-founder Chris Larsen, who is currently accused of having moved a considerable amount of XRP despite the ongoing proceedings, is quite different.
The Ripple deal: This is how much XRP McCaleb will receive
At the latest since his separation from Ripple in 2014, Jed McCaleb has been well off: as co-founder, McCaleb received a severance payment of 9 billion XRP upon his departure. However, not in one fell swoop, but gradually and according to certain conditions.
Since February 2016, the amount of XRP tokens paid out to McCaleb has been linked to the daily XRP trading volume:
- In the first year of the agreement, McCaleb was allowed to sell 0.5 per cent of the average daily volume of XRP.
- In the second and third year of this agreement, 0.75 per cent is the benchmark.
- For the fourth year of the agreement, he is allowed to sell one percent of the average daily volume.
- After that, it is already 1.5 percent of the daily volume.
The following XRP accounts are relevant for the deal:
- Large account (1.84 billion XRP): This is where Ripple keeps the lion’s share of McCaleb’s XRP.
- Additional account to top up account 3 (inactive since June 2020).
- “Tacostand” account (383 million XRP) – McCaleb’s wallet
- Exchange account is used for XRP sales via Bitstamp
Analyst Leonidas Hadjikoizou calculates on Twitter: If McCaleb continues to sell at this rate, he could have liquidated his XRP stock as early as November.