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.
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.
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.
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.