Jed McCaleb, Ripple Co-founder, Trims Down Holding to 499 Million XRP

Jed McCaleb, one of the founders of the embattled digital coin, Ripple (XRP), has sold another 40 million XRP on February 9 and 10 to further cut down its holding of the coin.

In a data made public by XRPscan, McCaleb sold from its tacostand wallet registered in the early days of the company when Ripple was OpenCoin before it was renamed Ripple in 2015.

McCaleb sold 19,093,375,26 XRP on February 9th and did the same again on February 10th.

Since McCaleb left Ripple over discrepancies with the rest of the board to create the rival Stellar and XLM in 2013, Ripple has been making payments to McCaleb, with the most recent one spotted by Whale Alert of 304,635,504 XRP in one go.

According to the data shared in late December 2020, McCaleb’s total holdings of XRP and profits stood at $1.2 billion.

In December 2020, Investors King had reported that US Securities and Exchange Commission filed a lawsuit against the company for running an unregistered offering, akin to an unlicensed stock sale.

Stephanie Avakian, SEC Enforcement Division director, in a statement, said “Issuers seeking the benefits of a public offering, including access to retail investors, broad distribution and a secondary trading market, must comply with the federal securities laws that require registration of offerings unless an exemption from registration applies.”

Since the lawsuit was filed XRP has lost over 30 percent of its value as investors continued to dump their holdings of the coin. However, people familiar with McCaleb’s transactions said he is not selling because of the lawsuit.