Ripple co-founder Jed McCaleb has sold an additional 70 million $XRP tokens earlier this month, bringing his total sales so far this year to over 500 million tokens, according to data from the XRP Ledger.
Using XRPScan, it’s possible to see that McCaleb has around 174.6 million XRP on his “~tacostand” wallet at the time of writing, down from 220 million he had in late May.
Track live crypto price of 10000+ coins!
McCaleb is said to have started working on Ripple back in 2011, and was part of its founding team when the firm launched in 2013. While he left it in 2014 to work on Stellar (XLM), he was awarded 8 billion XRP tokens for his role in developing and founding OpenCoin, which was later rebranded to Ripple.
The entrepreneur receives the funds on a fixed schedule and has made it clear via XRP Talk, a forum for XRP investors and proponents, that he plans on selling the funds he receives, as he has already donated part of the funds to charities such as Give Directly, Literacy Bridge, and others.
Since then, he has been periodically selling XRP. So far this year, McCaleb has sold over 500 million XRP tokens, which at the time of writing are worth over $200 million. The cryptocurrency is currently trading at $0.40 after losing nearly 60% of its value in the last 12 months amid a wider cryptocurrency market sell-off.
It’s worth noting McCaleb’s large XRP sales continued even after the cryptocurrency endured a major sell-off over the U.S. Securities and Exchange Commission’s (SEC’s) lawsuit against Ripple Labs last year. The SEC has alleged Ripple and two of its executives “raised over $1.3 billion through an unregistered, ongoing digital asset securities offering.”
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.
Featured image via Pixabay
Download MAXBIT Android App, Your best source of all crypto news!
Share this article: