Ripple just transferred 100,000,000 XRP to a wallet belonging to co-founder Jed McCaleb.
Whale Alert tracked Saturday’s transaction, which was worth $26.3 million at the time of transfer.
🚨 🚨 100,000,000 #XRP (26,322,440 USD) transferred from Ripple to Jed McCaleb wallet
— Whale Alert (@whale_alert) September 7, 2019
McCaleb served as Ripple’s chief technical officer before leaving in 2013 and launching Stellar the following year. However, he still holds a large personal trove of XRP — a portfolio that was reportedly worth $20 billion during XRP’s peak in early 2018.
The former CTO has been vocal about his intention to sell off all of his XRP holdings, though he entered into an agreement with Ripple in 2014 to stagger his sales to prevent tanking the cryptocurrency’s value.
The following year, however, Ripple alleged that McCaleb had violated that agreement. In early 2016, Monica Long, Ripple’s senior vice president of marketing, announced a follow-up agreement designed to give the company the ability to prevent a massive sell-off.
“Jed will donate 2 billion XRP to a charitable donor-advised fund (‘DAF’) of his choice. The same limits are placed on the ability of the charity to sell the XRP as are placed on the Jed’s ability [sic] to sell his remaining XRP.
All of Jed and his children’s remaining XRP, approximately 5.3 billion XRP, will be placed in a custody account at Ripple. While Jed retains full title and ownership of his remaining XRP, Ripple will control the release of his XRP in a manner consistent with the settlement agreement. Specifically, Jed will be allowed to sell his remaining XRP in the following manner:
– for the first year of the agreement Jed and the DAF will be able to collectively sell 0.5 percent of the Average Daily Volume of XRP for each day of the week,