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Home ALT COINS Ripple co-founder moves 265M XRP as crypto billionaires lose billions

Ripple co-founder moves 265M XRP as crypto billionaires lose billions


  • Ripple and Stellar founder Jedd McCaleb has moved 265 million XRPs from his wallet.
  • The recent crypto market struggle has caused his net worth to reduce by 27 percent from $6 billion to $4.4 billion.

Recent data shared by the XRPscan platform has shown that co-founder and former executive of Ripple Labs, Jedd McCaleb has moved 265 million XRP from his wallet in batches.

Details of the “wallet cleaning exercise”

On May 1, McCaleb received over 400 million XRPs from a Ripple wallet.

However, 20 transfers have been made from his electronic address since 2nd May 2021. In the last three weeks, separate amounts of 10 million, 17.3 million, and 13.4 million XRPs have been transferred. As of now, he still has 400 million XRPs in his “Taco stand wallet.” The recent crypto struggle has caused his net worth to be reduced by 27 percent from $6 billion to $4.4 billion.

Weekly XRP dump

According to the data, McCaleb made six transfers last week carrying 13,398,341.010000 XRPs each to dump a total of 80.4 million units of the token. 

His “wallet cleaning exercise” continues this week with 10,008,592.270000 XRPs transferred daily. As of now, a little over 60 million XRPs have been dumped this week. The current 400 million XRPs in his “Taco Stand wallet” is worth $449,116,308 by the current exchange rate. 

It has been observed that the amount transferred reduces each week. In April, he transferred 12,093,062 XRPs each day. Along the way, he reduced the amount to 8,399,180 per day. A close assessment by Leonidas Hadjiloizou, an XRP researcher and analyst discloses that McCaleb may run out of his XRP riches by September. It was earlier predicted that McCaleb will run out of XRPs by early June. His nine billion XRP holdings have been in a considerable decline.

It is worth noting that McCaleb was in 2018 spotted to be carrying out the same exercise after the crypto market value started going down. The report estimates that he sold between 20,000 to 40,000 XRPs per day until July 2018. In August, he increased the amount drastically to 499,312 XRPs daily, and 752,076 on one particular day. In September 2018, he sold 150,000 XRPs per day. McCaleb did not disclose the reason for the action. He only said:

I’m not selling more than I have agreed to with Ripple. 

Crypto billionaires heavily hit by the market pullback

A report reveals that McCaleb and Chris Larsen, a former Ripple Lab CEO, have lost $1.6 billion and $1.3 billion respectively between 10 May and 19 May. Brad Garlinghouse, the CEO of Ripple has also seen his net worth taking a nosedive from $6.9 billion to $5.6 billion in just nine days. 

Michael Saylor, the CEO of MicroStrategy has seen a 45 percent decline of his net worth from $3.3 billion of Bitcoin and MicroStrategy stock to $1.8 billion. The CEO of Coinbase Brian Armstrong also lost 15 percent of his net worth. Interestingly, Changpeng Zhao, the CEO of Binance didn’t suffer the same fate as his net worth remains at $1.9 billion in the period under review.

 





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