Jeb McCaleb, a Ripple co-founder who served as its CTO until 2013, has reportedly sold over 1 billion XRP so far, and still has 4.7 billion tokens left to sell, according to a report.
On a Medium blog post Whale Alert, a Twitter-based transaction monitor, detailed that in September 2019 it reported on a 100 million XRP transaction from Ripple to McCaleb’s XRP wallet. The transaction was part of a settlement agreement between him and the firm established to determine how much he could sell.
The assets he’s been receiving are part of his compensation for helping found Ripple. Jared himself has claimed to have received 9 billion XRP spread over several addresses. Whale Alert claims to have analyzed over 90,000 transactions to track roughly 8 billion XRP to Ripple, a settlement account, and his own personal accounts, from which he sells tokens. The report reads:
In total we managed to track the sales of 1.05 billion XRP (almost exclusively through Bitstamp) between 2014 and 2019.
The report details that the average sale price was $0.129 per XRP token, which means McCaleb has so far reportedly sold $135 million worth of the third-largest cryptocurrency by market capitalization.
A ‘significant portion’ of his assets were sent to Ripple for “unknown reasons,” while 140 million XRP were donated to charity. In January 2020, McCaleb sold 19 million XRP tokens as the sales keep on going. His remaining assets are believed to be of 4.7 billion XRP, equivalent to 5% of all existing tokens.
Whale Alert adds that at the current rate it would take McCaleb 20 years to sell his tokens, worth about $1 billion. His settlement agreement with Ripple, however, is likely to expire in the near future, at which point the sale of XRP could accelerate.
The report notes, nevertheless, his trade volume is insignificant when compared to the total trading volume. Via Bitstamp, he has been cashing out as Whale Alert found “no evidence” of the funds being reinvested into the cryptocurrency space.
Featured image via Pixabay.