- Researcher Leonidas Hadjiloizou thinks Ripple’s co-founder (and former CTO) Jed McCaleb has so far stopped selling XRP shares. The researcher believes this may be due to the SEC case against Ripple, which the regulator announced on December 21.
Jed McCaleb suspends regular XRP sales
The company’s former CTO regularly gets his share of helping build Ripple (9 billion tokens). It buys this through regular payments and then sells several million XRP in one go.
Part of the compromise agreement he signed when leaving Ripple in 2013 was that he was not allowed to release all 9 billion XRP at once.
So McCaleb is doing this slowly. On December 9, it received a massive payment of 266,305,309 XRP.
He received another massive XRP package from Ripple on December 23, from 133,152,654 XRP.
According to Bithomb’s data on the chain, the last XRP sale made from the “tacostand” wallet owned by McCaleb was made on December 23.
Leonidas Hadjiloizou shared this fact and tweeted that the former CTO stopped throwing crypto coins.
Looks like the SEC lawsuit has got him worried. Maybe he realises he may have to pay some of his money back in fines. I thought he had been selling loads recently every day.
— Crypto Mark Ⓥ (@MarkCrypto8) December 25, 2020
A Twitter user in the comment thread assumed McCaleb was concerned after the SEC filed a lawsuit against Ripple, CEO Brad Garlinghouse and co-founder Chris Larsen.
McCalleb is also a Ripple co-founder and sells XRP just like Larsen and Garlinghouse.
Will the upcoming 1 billion XRP releases be affected?
Hadjiloizou spoke in his tweet that the date of issue of 1 billion XRP from escrow by Ripple on January 1 is approaching.
In light of Ripple’s ongoing legal action, the SEC wonders if this huge amount will change its unlocking plans.