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October 3, 2022
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Ripple co-founder Jed McCaleb sells 28 million XRP tokens amid SEC filing

XRP is having a hard time in the hands of the SEC

Jed McCaleb, co-founder of Ripple and former Director of Technology (CTO), apparently resumed the sale of his XRP reserve, disposing of 28 million XRP.

McCaleb, along with Chris Larsen and Brad Garlinghouse, co-created and established Ripple Labs in 2012. The programmer went on to create the now defunct Bitcoin exchange Mt.Gox, as well as the Stellar Development Foundation, responsible for the cryptocurrency Stellar (XLM). Before leaving Ripple, McCaleb received 9 billion XRP and a deal was made so that he could sell XRP, but only a certain amount per day.

Now, it appears that the creator of Ripple has resumed its XRP sales, after being inactive for 25 days. Jed McCaleb’s first XRP sale since the SEC filing is reported to be worth 28.6 million XRP, which is worth about $ 8.8 million at the moment. The transaction was carried out by crypto researcher Leonidas Hadjiloizou, who pointed out that McCaleb had resumed his sales of XRP “tacostand”. The analyst wrote:

“Jed interrupted his sales in the past to allow the sale of a charity to which he had donated the XRP. This time, however, he interrupted his sales shortly after the process. There is no way to know why he resumed. He could have expected some advice from his lawyers or for a million other reasons. “

The researcher also noted that McCaleb would sell another 9.7 million XRP in the near future.

It has been speculated about as a means for the co-founder to get rid of its XRP reserves, especially as the token continues to depreciate in light of the SEC lawsuit.

McCaleb resumes XRP sales, stirring whispers

The US Securities and Exchange Commission (SEC) has accused Ripple Labs, along with co-founder Chris Larsen and CEO Brad Garlinghouse, of selling XRP tokens since 2013 without an official registration of them as bonds. The fact that the tokens were released from custody and that all of Ripple’s top executives benefited from XRP sales personally was criticized as illegitimate. Many raised their eyebrows and questioned how truly decentralized this made XRP.

While some have hypothesized that McCaleb’s goal is to get rid of the XRP before the symbol drops to new depths and it’s too late to get rid of his reserves, others have speculated that the resumption of McCaleb’s sales is indicative of optimistic sentiment. . In fact, some in the cryptocurrency community believe that the XRP result will be positive, despite the current process. A pseudonymous defender of cryptocurrency said:

“Well, if Jed interrupted his sales because of concerns, the fact that he is restarting sales now means that those concerns have probably been resolved in a positive way.”

In any case, it may be too early to speculate on what McCaleb’s intentions are. For now, XRP has dropped below the critical psychological level of $ 0.30 once again. The price of the token has dropped considerably, as many crypto exchanges have moved to disrupt XRP negotiations for their customers in the U.S., for fear of being impacted by the Commission’s process.

The pre-trial against the SEC and Ripple Labs is scheduled for February 22, and both sides are expected to present arguments for the case, such as possible motions and settlements.

Source: Blockchain.News

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