Ripple Co-Founder Jed McCaleb Completes 9,000,000,000 XRP Sell-Off After Eight Years: Crypto Researcher

Ripple co-founder Jed McCaleb is finishing selling off 9 billion XRP after nearly a decade of gradually unloading his holdings to the market.

Crypto researcher Leonidas Hadjiloizou tells his 59,600 Twitter followers that McCaleb finished distributing his XRP this week after over eight years of sales.

The former Ripple executive reportedly made a total of $3.09 billion and 708 Bitcoin (BTC) off the XRP, according to Hadjiloizou. McCaleb’s reported Bitcoin stack is worth over $15.64 million at time of writing.

McCaleb served as Ripple’s chief technical officer before leaving in 2013 to start his own open-source monetary platform, Stellar (XLM). Per a legal agreement reached with the remaining members of Ripple’s team, McCaleb was only able to sell off his hefty bag of XRP in increments.

The 2014 agreement stated that McCaleb could only sell off a set amount of XRP each week. After McCaleb was accused of violating that agreement, the settlement was revised in 2016.

For the first year of the 2016 agreement, McCaleb was able to collectively sell 0.5% of the average daily volume of XRP for each day of the week, including weekends and holidays. In the second and third years, he could sell 0.75%, and in the fourth year, he could sell up to 1%.

After year four of the agreement concluded, McCaleb could sell as much as 1.5% of the average daily volume.

XRP is trading for $0.36 at time of writing.

Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox

Check Price Action

Follow us on Twitter, Facebook and Telegram

Surf BitcoinLinux Mix

Check Latest News Headlines


Get Alerts 728x90 157
Disclaimer: Opinions expressed at BitcoinLinux are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. BitcoinLinux does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is BitcoinLinux an investment advisor. Please note that BitcoinLinux participates in affiliate marketing.

Featured Image: Shutterstock/Vadim Sadovski/INelson

The post Ripple Co-Founder Jed McCaleb Completes 9,000,000,000 XRP Sell-Off After Eight Years: Crypto Researcher appeared first on BitcoinLinux.