Ripple Takes A Dig On Jed McCaleb XRP Sell Off
Jed McCaleb, former CTO of Ripple’s XRP selling spree finally came to an end. Meanwhile, the blockchain firm shed light on this event. However, Ripple called McCaleb an Accidental Billionaire.
Ripple made McCaleb an “accidental billionaire”
In a blog, Ripple mentioned that Ex CTO owned around 9 billion XRP tokens back in 2012 when the XRP Ledger was created. It is considered as a distribution of one of the largest individual holdings of the digital asset.
It mentioned that at the time of XRP Ledger’s launch 100 billion XRP tokens were generated. However, the codebase was set down so that no new XRP tokens were could be generated. Around 20 Billion XRP was kept by Jed McCaleb, Arthur Britto and Chris Larsen.
This led to the creation of an Accidental Billionaire. However, Ripple mentioned that McCaleb and the company’s vision did not align. This was the main reason why he left the firm in 2013.
Jed had many bad ideas
David Schwartz, current CTO of Ripple highlighted that Jed McCaleb had many bad ideas that the board refused to implement. He claimed the ex-CTO started Stellar based on those ideas. Schwartz added that McCaleb wanted to Ripple to perform a Facebook giveaway and they refused to do that.
This was one of the first things that Stellar did after the launch. However, it turned out to be a disaster for it. Schwartz said that this made it clear that his every rejected idea was bad. Stellar grew as the clone of Ripple.
As per the blog, Jed tried to sell off his XRP holdings as fast as he can. However, Ripple acted to stop him by slapping multiple lawsuits. Ripple and McCaleb formed an agreement in 2016.
It stated that Ex CTO’s remaining XRP (5.3 billion) will go into the escrow account and will be released in a strategic manner. McCaleb was allowed to sell only his leftover tokens based on the XRP’s daily volume.
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- SEC Staff Issues New Guidance Saying Staking Tokens Are Not Securities
- AAVE Price Surges as Coinbase Tokenized Stocks Launch on Aave V4 Base
- ZEC Price to $5,000? Zcash Co-Founder Reveals Potential Timeline
- Coinbase CEO Brian Armstrong Says Crypto and Stablecoins Will Power AI Agent Payments
- SEC Closed Door Meeting LIVE Updates: Will Oct. 1 Hearing Solve Bitcoin, ETH, XRP Crypto Rules Mystery?
- Where Is Solana Price Heading After Breaking Above $120?
- Pi Network Price Prediction as Protocol 28 Testnet Upgrade Sets Stage for October Mainnet Launch
- Dogecoin Price Prediction: Analyst Maps Path to $3 as Whales Load Up
- XRP Price Prediction as Taker Buy/Sell Ratio Turns Bearish Despite Rising ETF Inflows
- Solana Price Prediction as Alpenglow Upgrade Moves to Public Testnet
- SpaceX Stock Prediction as Price Slips Amid 328 Million Share Lockup Expiry
