Former ripple executive Jed McCaleb dumped $310 million in XRP over the past month and he continues to sell massive portions of his stash on a daily basis as we can see more in our latest Ripple news today.
The former ripple executive and co-founder of Ripple as well as the current CEO of Stellar sold about 275 million since early May as a part of the daily dumping scheme. According to the blockchain explorer XRPScan, McCaleb received over 442 million XRP from Ripple and since that Day he continued moving tokens of Tacostand wallet to sell them. McCaleb conducted a few outgoing transactions of 17,301,056 XRP or another seven of the 13,398,341 and another six transfers of 10,008, 592 so in total, he sold 274,947,331 XRP worth at least $310 million at current prices during this time.
Notably, the transactions continue the pattern that is clear in the previous sales. He sold his XRP daily in a similar batch for seven days in a row and then changed the size of each transaction for the next week and so on. McCaleb co-founded Ripple in 2011 and later left the company in 2014 over internal disagreements as per the Ripple current CTO David Schwartz and after his departure, McCaleb tried to dump his XRP tokens but Ripple stopped him from doing so to preserve the token’s market price and could made him a billionaire retrospectively. Schwartz wrote:
“Jed tried to dump his XRP quickly and Ripple acted to stop him through a series of lawsuits. Thanks to Ripple’s refusal, Jed’s XRP will probably be worth more than $1 billion. He will probably be the only person to become a self-made billionaire despite his best efforts.”
He argued that Jed’s reaction not to get in his way on these issues was to say bad things about the company and to start a competitor. Still, Jed McCaleb continued to sell his tokens on the daily basis since then in small portions while Ripple sends more batches of XRP than he is entitled to. As per Forbes, McCaleb’s net worth is amounted to $6 million but dropped to $4.4 billion amid the panic sale on the market.