Yuri Molchan
In the past two days, the fintech giant’s former tech expert has removed two large chunks of XRP from his “Tacostand” wallet. Everyone in the church knows what that means
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- Jed’s “Tacostand” wallet releases 40 million XRP
- Jed McCaleb isn’t afraid of the SEC lawsuit
Jed McCaleb has released approximately 40 million XRP from his digital wallet “tacostand” in the past two days.
The data on the transactions come from XRPscan.
Image via XRPscan
Jed’s “Tacostand” wallet releases 40 million XRP
This XRP address was already registered in the early days of Ripple Labs’ founding (2012) when the company was known as OpenCoin. It wasn’t renamed Ripple until 2015.
McCaleb has since used it, after leaving the company over disagreements with the rest of the board of directors, to create rivals Stellar and XLM in 2013. When he left, the company in XRP gave him healthy compensation for his help as co-founder of Ripple and first CTO.
Ripple has made regular payments to McCaleb, the last being spotted by Whale Alert at 304,635,504 XRP all at once.
On February 9 and 10, McCaleb posted around 40 million XRP for sale. According to data released in late December 2020, its total XRP holdings and profits were a whopping $ 1.2 billion.
The current balance on Jed’s wallet is 499,599,172,60537 XRP.
Image via XRPscan
Jed McCaleb isn’t afraid of the SEC lawsuit
In late December, the US securities watchdog SEC announced that it would file a lawsuit against Ripple, including two of its most famous executives: CEO Garlinghouse and co-founder (and former CEO) Chris Larsen.
The crux of the lawsuit is that the SEC claims XRP is an unregistered security, and Ripple, along with the top executives mentioned above, sold that asset to make over a billion XRP over the course of Ripple’s history.
On December 23, McCaleb paused its XRP sales, and some in the community believed this was due to the emerging SEC lawsuit.
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In January, however, McCaleb resumed selling its XRP holdings.
Although large quantities of XRP were sold by the DLT heavyweight’s first CTO, it didn’t affect the XRP exchange rate at all.
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