Ripple, the blockchain payments company that is the subject of a lawsuit by the U.S. Securities and Exchange Commission, sends another round of 480 million XRP tokens valued at around $420 million to its co-founder and former chief technology officer, Jed McCaleb.
According to blockchain explorer XRPScan, the amount of cryptocurrency is the latest in a series of massive transactions that the company has been sending to McCaleb on a monthly basis since September 2020.
In response, the former chief technology officer continues to gradually sell his tokens in smaller portions, usually following a pattern after his initial plan to immediately sell all of his ripple tokens failed to materialize.
McCaleb’s insane dumps
Speaking of patterns, the Ripple co-founder chooses a certain amount of ripple every week, usually a substantial one, and proceeds to dump them for seven days in a row.
Over the past week, McCaleb dumped 16,353,884 XRPs per day for seven days, amounting to $16.85 million. Before this, he was able to sell just over 10 million of the token daily for two weeks.
Despite all the massive dumps that he’s been doing, McCaleb is still XRP wealthy. As of press time, there are still 633,699,648 XRP tokens left in his Tacostand wallet valued at $652 million.
A sour ending
Internal disagreements have made McCaleb leave the company he co-founded in 2011. After leaving Ripple, he tried to dump all of his XRP holdings at once but was stopped with a series of lawsuits charged against him, according to current CTO David Schwartz.
“Ripple acted to stop him through a series of lawsuits. Thanks to Ripple’s refusal, Jed’s XRP will probably be worth more than $1 billion,” said Schwartz in 2018, adding McCaleb will probably be the only person to become a self-made billionaire “despite his best efforts.”
Image courtesy of Cointelegraph News/YouTube