Ripple Co-Founder Jed McCaleb Dumps Another 40 Million XRP

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Ripple co-founder Jed McCaleb has dumped another 40 million XRP, bringing his total holding below 500 million XRP. 

According to a report by U.Today and using data from XRPscan, the Ripple co-founder’s “tacostand” wallet has sold another 40 million XRP. 

McCaleb has continued to frustrate XRP holders over the years by regularly dumping XRP on the market following his separation from Ripple in 2013. His most recent sale, sent on February 9, amounted to $20 million in XRP, bringing his total holding to 499 million XRP ($250 million). 

McCaleb had originally halted his XRP sales in late December following the U.S. Securities & Exchange Commission’s (SEC) lawsuit against Ripple and its co-founders. 

According to the regulatory body, Ripple engaged in the illegal sale of an unregistered security in 2013 by offering XRP to investors in the U.S. and worldwide. The suit also alleged that Ripple distributed billions of XRP in exchange for non-cash consideration and failed to register their offers. 

Despite the suit, former SEC executive Joseph A. Hall said there was a good chance the commission would lose its case against Ripple, calling its evidence for differentiating a crypto-asset from a security was inadequate. 

Featured Image Credit: Photo via Pixabay.com

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