133 million XRP transferred to founding name hours after Ripple was sued
Hours after Ripple was sued by the SEC, the wallet of Jed McCaleb, who was on Ripple’s first founding team, received 133 million XRP.
Another remarkable development occurred while the repercussions of Ripple’s lawsuit by the American regulatory government agency, the Securities and Exchange Commission (SEC), still persist.
According to the agreement, 113 million 152 thousand XRP was transferred to the wallet of co-founder Jed McCaleb, who received XRP at certain intervals from ripple, around 10.30 pm. The value of the XRP sent is about $ 46 million at current prices.
McCaleb was on Ripple’s founding team until 2013. McCaleb, who took over as the project’s technology director, then left the company and started developing stellar.
Left Ripple with more than 9 billion XRP
It is also home to Mt. McCaleb, who is also the founder of the Gox exchange, was one of the founders of Ripple when he left the company, leaving more than 9 billion XRP.
An agreement was signed between McCaleb and Ripple in 2016 so that McCaleb’s sales would not affect the market price. Under this agreement, McCaleb would be able to sell up to a certain percentage of the Daily XRP volume. In the first year of the deal, McCaleb was able to bulk-sell 0.5 percent of the average daily volume of XRP for each day of the week, including weekends and holidays. In the second and third years, this figure has increased to 0.75 percent, and in the current fourth year, it has increased to 1 percent. The fourth-year deal now ends, and the XRP rate McCaleb can sell in the set time frame has risen to 1.5 percent.
As part of this deal, McCaleb received an additional 133 million XRP today. After this transfer, the price of XRP fell 7 percent. At 13.00, XRP is trading at $ 0.345.
Most recently, two smaller exchanges operating in the US, such as CrossTower and Beaxy, as well as Hong Kong-based OSL, have closed XRP trading.