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- XRP is continually dumped by the former CTO of Ripple Jed McCaleb
- Yet, it is known that Jed has already abandoned 274,947,331 tokens worth approximately $310 million
- Since Jed left Ripple, he is continually dumping the XRP tokens
XRP, the native cryptocurrency of Ripple, one of the world’s major fintech firms, is the seventh-largest crypto asset as per the data from CoinMarketCap. Recently, the co-founder and ex-CTO of the fintech firm Jed McCaleb has been found continuing to sell a bulk count of XRP tokens. The sell-off has been made on a day-to-day basis since earlier this month. Moreover, it is also known that McCaleb has already dumped roughly 275 million XRP tokens over the timeline.
How many XRP tokens have been dumped by McCaleb?
Following the data from XRPScan, McCaleb has received a total of 442 million XRP tokens from the firm earlier this month. The former CTO has the tokens in his Taco stand wallet, from where he is continually moving out the tokens.
He has conducted around seven outgoing transactions worth 17,301,056 Ripple tokens. Secondly, another seven transactions worth 13,398,341 tokens were observed. SImultaneously, McCaleb also transferred 10,008,592 tokens over the period. However, until Saturday, the ex-CTO had already sold 274,947,331 tokens worth $310 million. Still, McCaleb has 390 million more tokens in his wallet.
Why did McCaleb leave Ripple to start Stellar?
Ripple was founded in 2011, and McCaleb left the firm in 2014 due to some internal disagreements. According to Schwartz, McCaleb has few ideas that the board of directors of Ripple refused to implement. However, after his thoughts were rejected, he created Stellar and implemented all his ideas. And later on, it became clear that his views were not good enough, and the network pivoted to become a clone of Ripple.
Since the ex-CTO departed, he began dumping the tokens, but the firm ceased him doing such activities. The firm stopped McCaleb to preserve the market price of XRP. In 2018, David Schwartz, CTO of Ripple, wrote that Jed tried to dump his XRP holdings, and the firm acted to stop him. However, because of the firm, Jed’s holdings will probably be worth more than $1 billion in 2018. And now McCaleb seems to be the only individual to become a self-made billionaire despite his best efforts.
