On the first day of 2021, Ripple has unlocked the regular XRP mass and launched some XRP into the market. This time, however, it was slightly less than usual: 900 million XRP were mined instead of one billion XRP.
In addition, despite the problems caused by the SEC legal litigation, the company also transferred some XRP to former CTO Jed McCaleb. The amount of this is 477 million XRP. Thus, a total of 1.3 billion XRP has been released by the company. The data was shared by a Whale Alert crypto tracker. Details are in our news.
Ripple Unlocks 900 Million XRPs
Fintech giant Ripple traditionally unlocks a billion XRP on the first day of each month. However, most of these funds are usually locked in escrow later the same day. Unlocked 900 million XRP today. The market value of this amount is 216 million dollars.
According to the Ripple website, as of December 13, 2020, the company has distributed 45,425,790,652 XRP. 48.200.000.013 XRP has been locked in escrow and Ripple is currently holding 6.365.030.048 XRP. Ripple uses its XRP to cover operational expenses, support promising projects (both investment and charity), and sell to corporate clients.
As is known, on December 21, the US regulator filed a lawsuit against Ripple and two of its top executives, alleging that it sold XRP to institutional investors as unregistered securities. According to the SEC’s official complaint, the company made over $ 1 billion from these sales, and Larsen earned $ 600 million by selling XRP assets with Garlinghouse.
Whale Alert also detected 477 million XRP sent to Ripple’s co-founder Jed McCaleb, who worked as Ripple CTO in the company’s early days. This amount is worth $ 115.8 million. Due to some inconsistencies with the Ripple board, McCaleb left Ripple in 2013 and launched the rival Stellar platform, of which he is now CTO. As part of the settlement deal with Jed, Ripple is paying him piecemeal XRP to prevent them from launching these massive tokens all at once.
According to data recently shared by Whale Alert, McCaleb’s total estimated assets and profits in XRP amount to $ 1.2 billion.