Ripple’s former CTO receives over US$420 Million in XRP and sells US$17 Million afterward
Jed McCaleb, the co-founder of Ripple and former CTO of the company, received 408,123,659 XRPs, valued at the time of the transaction about US$420,345,540 this Thursday 3rd June 2021 morning as part of a legal agreement he has with his ex-company.
Jed McCaleb, the co-founder of Ripple and former CTO of the company, received 408,123,659 XRPs. This amount equated to approximately $420,345,540 at the time of writing.
Transaction data is public and was captured in the blockchain by the transaction monitoring company Whale Alert. The network’s data also show that McCaleb, the creator of Stellar, was quick to liquidate more than US$17 Million of what he received.
It’s not the first time he’s been paid big like this. In December of last year, he received 266 million tokens and sold a few million shortly thereafter.
McCaleb is a programmer and founded Ripple, where he stayed until 2013.
In the following year, he founded Stellar.
Ripple’s departure, however, was troubled. In the final agreement, he agreed to receive 9 billion XRPs in installments within a fixed payment schedule. Once received, he can keep trade or sell his tokens.
The programmer has been selling his assets constantly, but always below 20 million tokens, as you can see in his portfolio or in a website created just to monitor Jed McCaleb transactions.
The movement, however, does not seem to have affected the currency’s price. According to data from the Bitcoin Portal Index, XRP is trading at US$1.02, with a small increase of 0.28% in the last 24 hours.
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