The Daily Hodl
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX
No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX
No Result
View All Result
The Daily Hodl
No Result
View All Result

Ripple Sends 100,000,000 XRP to Former CTO Jed McCaleb – Who Reportedly Sells 500,000 XRP Per Day

by Daily Hodl Staff
September 9, 2019
in Ripple and XRP

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

Tx: https://t.co/z0hfij5kmE

— 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.

Said Long,

“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, including weekends and holidays.

– for the second and third years of this agreement, Jed and the DAF will be able to collectively sell for each day of the week 0.75 percent of the Average Daily Volume.

– for the fourth year of the agreement, Jed and the DAF will be able to collectively sell for each day of the week 1.0 percent of the Average Daily Volume.

– for any time after the fourth year of the agreement, for each day of the week Jed and the DAF will be able to sell 1.5 percent of the Average Daily Volume.”

CoinMetrics has reported that McCaleb is now selling off 500,000 XRP worth roughly $129,000 per day, and the new transfer triggered a fresh round of debate on Ripple’s involvement with the digital asset.

I know, right?! Private businesses shouldn’t be allowed to exist. The name “Jed” should be banned. And, most importantly, no entity on earth should ever be allowed to accumulate more crypto (or more ANYTHING) than @Crypto_Bitlord, no matter his level of squalor.#Injustice $XRP pic.twitter.com/GHqcNSxubc

— Tiffany Hayden? (@haydentiff) September 7, 2019

Ripple itself owns more than half of the total supply of XRP and says it sells portions of its holdings to operate the company and fund blockchain and crypto-based projects. It sold $251.51 million in XRP during the second quarter of this year and $169.42 million in the first quarter.

The fintech company, however, has been criticized by certain vocal elements of crypto Twitter for its sales of XRP in recent weeks. A month ago, an XRP investor launched a petition urging the company to stop selling its holdings. It now has more than 3,500 signatures.

[the_ad id="42537"] [the_ad id="42536"]
Check Latest News Headlines


 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Submit a Press Release

Industry Announcements

  • Sports Prediction App Pooky Launches Full Version of Its Play-and-Earn Game
    March 23, 2023
  • StormGain Launches StormGain DEX for User-Friendly Decentralized Crypto Trading
    March 23, 2023
  • KyberSwap Announces First-Ever ARB Token Liquidity Pools, Liquidity Mining and Trading Campaigns on Arbitrum
    March 22, 2023
  • Metacade Presale Hits Final Stage Before Listings, Raising Over $500,000 in Under 24 Hours
    March 22, 2023
  • Yesports Launches the Largest Esports Marketplace for Gaming Expansion Into Web3 Alongside 40+ Partners
    March 21, 2023
  • Metatime Raises $11M in Private Funding To Enhance Web 3.0 Ecosystem
    March 21, 2023
  • Coinfest Asia Is Back in 2023 Carrying the Theme of Web 2.5
    March 20, 2023
Submit a Guest Post
ADVERTISEMENT
Bitcoin
$28,268.57
$28,268.57
1.59%
Ethereum
$1,806.55
$1,806.55
2.37%
Cardano
$0.365155
$0.365155
2.91%
XRP
$0.431935
$0.431935
3.14%
Dogecoin
$0.076005
$0.076005
1.3%

Spotlight

  • Legendary Trader Peter Brandt Says Bitcoin (BTC) Likely Targeting New All-Time High – Here’s His Timeline
    March 22, 2023
  • Coinbase Adds Highly Anticipated Ethereum (ETH) Scaling Solution Token to Listing Roadmap
    March 22, 2023
  • BitMEX Outlines Three Scenarios for Crypto This Year, Says Market Recovery a Likely Outcome
    March 22, 2023
  • Bitcoin Breakout in Sight As BTC Flashes 2019-Style Accumulation, According to Top Analyst – But There’s a Catch
    March 22, 2023
NBX Warsaw Summit Banner
DON'T MISS A BEAT
Crypto headlines delivered daily
to your inbox
BTC, ETH, XRP news alert options
By joining The Daily Hodl news list you agree to our
Terms and Conditions and Privacy Policy.
Featured Image: Shutterstock/Billion Photos

Cryptocurrency news and analysis, covering Bitcoin, Ethereum, Ripple, XRP, altcoins and blockchain technology

Categories

Bitcoin • Ethereum • Trading •
Ripple and XRP • Altcoins •
Blockchain • Regulators •
Scams • Crypto101 • HodlX •
Futuremash •
Industry Announcements

ABOUT US | EDITORIAL POLICY | PRIVACY POLICY
TERMS AND CONDITIONS | CONTACT | ADVERTISE

JOIN US ON TELEGRAM

JOIN US ON TWITTER

JOIN US ON FACEBOOK

COPYRIGHT © 2017-2023 THE DAILY HODL

No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX

© 2023 The Daily Hodl