Ripple Sends 627,974,493 XRP to Jed McCaleb After Chris Larsen Gets 41 Million from Binance

Ripple Sends 627,974,493 XRP to Jed McCaleb After Chris Larsen Gets 41 Million from Binance

Ripple fintech giant has wired another mammoth XRP amount to its cofounder, and Binance sent over 41 million XRP tokens to its former CEO Chris Larsen

Cryptocurrency tracking bot Whale Alert has shared that approximately ten hours ago, Jed McCaleb, who helped create what is known as Ripple now and was the company’s first chief technology officer, received another XRP lump from Ripple Labs.

The company has sent him another eye-twitching XRP sum of 627,974,493 coins (a whopping 277,683,138 in fiat USD).

Meanwhile, several other large XRP lumps have been moved with the participation of Ripple’s Chris Larsen and major crypto exchanges – Binance and Bitstamp.

Jed McCaleb received $277.7 million worth of XRP

According to Whale Alert, Ripple has transferred 627,974,493 XRP to the man without who the company wouldn’t have been founded – Jed McCaleb, its first CTO.

He has been receiving healthy lumps of XRP since he left Ripple a year after the foundation, in 2013, and founded a rivalling Stellar, which also targets cross-border payments via financial institutions.

He has been receiving payments as part of the settlement agreement that he signed with Ripple. To prevent Jed frim dumping the whole amount of several billion XRP to the market he has been getting it in lumps and forced by the agreement to sell in small parts too.

According to the XRPscan platform, McCaleb today released 13,169,006 XRP from his “tacostand” address to be sold. The current balance of the wallet constitutes 645,305,649.04558 XRP.

As reported by U.Today four days ago, over that week, McCaleb had sold 135.8 million XRP coins.

Binance and Bitstamp transfer 191 million XRP

Data published by Whale Alert also says that the crypto exchange with the biggest trading volume, Binance, has sent 41 million XRP to the former CEO of Ripple and its second cofounder – Chris Larsen.

There are no comments from Whale Alert regarding that transaction. However, in the past Ripple sold large amounts of XRP to Binance from time to time (as well as to other exchanges) to support the XRP liquidity.

Binance sometimes sends XRP back to Ripple, allegedly, “redundant” coins.

In the meantime, another major global exchange, Bitstamp, and Ripple’s Europe-based ODL platform, has transferred a staggering 150 million XRP between its wallets.

Ripple locks 500 million XRP back

The fintech giant unlocks one billion XRP coins from escrow first day of each month – to sell to exchanges, its partners, etc. Around 200 million XRP after that usually gets locked back in escrow.

This time, the company has put back half of the released amount – 500 million coins.

At the time of writing this article, XRP is sitting at spot 7, as per CoinMarketCap, and is changing hands at $0.4428.

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