Former Ripple’s Jed McCaleb Sells 265 Million XRP in May So Far

Former Ripple’s Jed McCaleb Sells 265 Million XRP in May So Far

Ripple’s first chief technology officer McCaleb has moved to sell almost 265 million XRP from his cold storage so far in May

Figures shared by the XRPscan platform show that, over the past 20 days, Jed McCaleb, who built Ripple with Chris Larsen, has moved an amount close to 265 million XRP from his electronic address to sell.

Meanwhile, he has almost 400 million XRP remaining in his “Taco stand” wallet. According to Forbes, his net worth has shrunk by 27 percent recently.

McCaleb moves 265 million XRP in batches

XRPscan shows that, since May 2, after receiving 442,127,865 XRP from a Ripple address, Jed McCaleb has made 20 transfers, carrying 10 million, 13.4 million and 17.3 million XRP.

Last week, the Ripple co-founder dumped 80.4 million XRP (six transfers of 13,398,341.010000 XRP each). This week, he has been selling 10,008,592.270000 XRP daily and has moved a total of slightly over 60 million tokens.

At the moment, McCaleb has 399,263,523.855929 XRP left in “tacostand.” That roughly equals $449,116,308 at the current exchange rate of $1.12 (data taken from CoinMarketCap).

Image via XRPscan

Will McCaleb cut his daily sales next week?

Thus far, the amunt of XRP sold by Ripple’s “defected” co-founder (he left Ripple in 2013 to found the rival Stellar blockchain with the native XLM coin) per day has been declining each week.

He started May by dumping 17,301,056 XRP. During the second week, it was 13.4 million, and now it is 10 million.

In April, he first sold 12,093,062 XRP per day, then switched to dumping 8,399,180 XRP every day.

Blockchain researcher and analyst Leonidas Hadjiloizou believes that McCaleb will run out of his XRP riches by the start of September as his initial nine billion stash of XRP has been steadily shrinking.

Larsen and McCaleb see their net worths drop

As reported by U.Today on Thursday, 11 cryptocurrency billionaires have seen substantial drops of their net worths in the period between May 10 and May 19, when a heavy crypto market decline was in full swing.

Among them were Chris Larsen (former Ripple CEO) and Jed McCaleb. As per a Forbes article, their net worths in XRP has shrunk 19 percent and 27 percent, respectively.

Larsen lost $1.3 billion and McCaleb $1.6 billion. Among other “victims” are Coinbase CEO Brian Armstrong, the Winklevoss twins, Barry Silbert and others.

The losses of MicroStrategy CEO Michael Saylor and global investor and Bitcoin supporter Tim Draper caused by the crypto carnage were the biggest. The head of Binance, CZ, has suffered zero financial losses to his $1.9 billion net worth.

Original Source : u.today

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