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Ripple former CTO receives over US$420 Million in XRP and sells US$17 Million afterward

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Ripple former CTO and co-founder of the company, Jed McCaleb, received 408,123,659 XRPs, valued at the time of the transaction about US$420,345,540 as part of a legal agreement he has with his ex-company.

Jed McCaleb, the co-founder of Ripple former CTO of the company, received 408,123,659 XRPs. This amount equated to approximately $420,345,540 at the time of writing.

Transaction data is public and was captured in the blockchain by the transaction monitoring company Whale Alert. The network’s data also show that McCaleb, the creator of Stellar, was quick to liquidate more than US$17 Million of what he received.

It’s not the first time he’s been paid big like this. In December of last year, he received 266 million tokens and sold a few million shortly thereafter.

READ more:  Another win for Ripple: the company may question former SEC official

McCaleb is a programmer and founded Ripple, where he stayed until 2013. In the following year, he founded Stellar. 

Ripple’s departure, however, was troubled. In the final agreement, he agreed to receive 9 billion XRPs in installments within a fixed payment schedule. Once received, he can keep trade or sell his tokens.

The programmer has been selling his assets constantly, but always below 20 million tokens, as you can see in his portfolio or in a website created just to monitor Jed McCaleb transactions.

Ripple former CTO and co-founder of the company, Jed McCaleb, received 408,123,659 XRPs, valued at the time of the transaction about US$420,345,540 as part of a legal agreement he has with his ex-company.
Transactions in Jed McCaleb portfolio

The movement, however, does not seem to have affected the currency’s price. According to data from the Bitcoin Portal Index, XRP is trading at US$1.02, with a small increase of 0.28% in the last 24 hours.

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The information expressed in this article is solely those of the author and do not necessarily reflect the vies of CryptoDeFinance.  Each and every investment and trading move involves high risk. You should always conduct your own research when making a decision in crypto investment.
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Bruno Marques

Hi! I am the CEO/Founder of Crypto DeFinance, and I am an Enthusiast crypto investor. I started this project so we can provide you with carefully curated news. If you like us and our news, share the posts and comment. Your visit and interaction is very important to us.
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