Ripple founder stops selling XRP after lawsuit

Ripple and Stellar founder Jed McCaleb stopped selling XRP after it was announced that a lawsuit would be filed against Ripple. As a result of its agreement with Ripple, McCaleb, which sells certain amounts of XRP every day, stopped these transactions.

Jed McCaleb made the decision to sell the $ 9 billion XRP he received from the company after leaving his position at Ripple. But the prospect of McCaleb launching these XRPs at the same time worried Ripple. The two sides reached a legal agreement and agreed on how this sale process would work.

According to the agreement, Ripple sends a certain amount of XRP to Jed McCaleb every day. 266 million were sent to him on December 9; 133 million XRP were sent on December 23. McCaleb sold these XRPs at the same time every day, without surprise. Until a few days ago.

McCaleb hasn’t sold XRP in days
It is known which wallet ripple used to send money to Jed McCaleb, with which wallet McCaleb traded to send XRP to the exchange. It is possible to follow these wallets through the XRP Ledger. Current information indicates that McCaleb’s wallet has been passive for three days.


Cryptocurrency researcher Leonidas Hadjiloizou said about this situation in his December 25th exchange:

“Jed didn’t sell XRP today either. It was these two. I wonder how much XRP Ripple will send to McCaleb’s wallet in a week when he enters January.”

Leonidas Hadjiloizou

It is not known why McCaleb, who founded stellar after leaving ripple, stopped selling XRP. Another unknown is whether this was McCaleb’s choice. It is speculated that Ripple may have stopped sending XRP to McCaleb because of the lawsuit filed by the SEC. Hadjiloizou even stated that Ripple “may have had to” stop these operations.

Could he have paused because of the SEC case?
Cryptocurrency followers who have noticed that these transactions have stopped think that this may be connected to the SEC case. Unlike the duo of Brad Garlinghouse and Chris Larsen, Jed McCaleb’s name is not included in the SEC indictment. It has been claimed that these transactions may have been halted under the leadership of Ripple. A social media user’s speculation is as follows:

“I think the SEC case scared McCaleb, too. Maybe he realized he could be fined for his sales so far.”

Neither Ripple nor Jed McCaleb responded to claims that sales had stalled.

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