Ripple Reportedly Moves $26.3 Million of XRP to Co-Founder Jed McCaleb’s Wallet

  • Ripple transferred 100 million XRP to the wallet of Jed McCaleb
  • McCaleb has been selling 500,000 XRP per day, according to some reports. 

Ripple has moved 100,000,000 XRP, worth more than $26.3 million to the wallet of co-founder Jed McCaleb, contributing to the controversy that is already surrounding the blockchain startup. 

Ripple Moves 100 Million XRP

After battling investor derision over the continued sale of XRP to institutional investors, San Francisco-based Ripple has moved 100 million XRP into the wallet of its former co-founder.

McCaleb, who originally started the infamous Mt. Gox crypto exchange before moving on to Ripple and eventually Stellar, has added another 100 million XRP to his 9 billion XRP holdings.

Investors fear that McCaleb, who no longer has a role with Ripple, may sell his XRP en masse, further depressing the price of the coin. 

While McCaleb originally signed an agreement with Ripple in 2014 limiting the amount of XRP he could sell to $520,000 per year, those restrictions are no longer in place. Instead, McCaleb is eligible to sell 750 million XRP this year and has been dumping 500,000 coins per day, according to Coin Metrics

Derivatives Trading Platform Synthetix (SNX) Is up Over 5,000% Since 2019

Michael LaVere
  • Derivatives trading platform Synthetix is the best performing DeFi product since April 2019.
  • Synthetix's native token SNX has appreciated more than 5000 percent over the last two years. 

The little-known crypto-asset Synthetix (SNX) is the best performing decentralized finance (DeFi) project of the past two years. 

According to a tweet published by popular crypto analyst Alex Saunders, SNX has been the best performing DeFi asset since April 2019. Saunders claims that Synthetix has appreciated 5000% over the past two years and was one of the top two ETH-based projects he has been following since Edcon Sydney 2019. 

SNX’s price took off in June, from $0.79 at the start of the month to its current trading price of $2.73, representing a 245% increase. 

Synthetix is a derivatives trading platform built on the ethereum blockchain that allows users to trade on stocks, crypto and other commodities. Users are required to exchange bitcoin or ethereum for SNX tokens in order to participate in trading. 

The exchange’s native token can be locked as collateral to produce “synths” such as a synthetic U.S. dollar (sUSD), which in turn can be used to place bets on rising and falling asset prices. 

Synthetix also operates a reward program, where users of the exchange can stake their SNX tokens as collateral in order to receive additional benefits.

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