Altcoins

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

Figures shared by the XRPscan platform show that over the past twenty 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 “tacostand” wallet and, according to Forbes, his net worth has shrunk 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 twenty 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, 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).

Will McCaleb cut his daily sales next week?

Thus far, the amunt of XRP sold by the Ripple “defected” co-founder per day (he left Ripple in 2013 to found the rivalling Stellar blockchain with the native XLM coin) 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 – 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 9 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 the 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 the 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.

   

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