Stellar CTO and Ripple architect Jed McCaleb paid out a whopping $ 411 million in XRP in 2020, according to an updated report from blockchain analytics account Whale Alert.
McCaleb sold 1.2 billion XRP throughout the year at an average price of $ 0.34 per coin – almost half a billion dollars. The amount apparently represents 27% of McCaleb’s XRP inventory held in a settlement account at Ripple Labs, and indicates a sharp acceleration of its sales to date. He sold about one billion XRP in the five years between 2014 and 2019.
We have updated our analysis of one of the most famous #XRP whales out there. You can read in the article below about probably one of the most successful traders in 2020! Https://t.co/Czw3nP8bW9
– Walvis Alert (@whale_alert) 29 December 2020
According to Whale Alert’s estimates, the combined value of McCaleb’s current and liquidated XRP holdings is about $ 1.2 billion, which puts him high on the rich list of crypto.
McCaleb also appears to be determining its sales well, while Ripple is currently facing lawsuits from both the SEC and a major investor who participated in the $ 200 million Series C Financing Round in 2019.
McCaleb controversially received a co-founder reward of XRP 9.5 billion when he left Ripple Labs in 2014. In the same year, McCaleb signed an agreement with Ripple Labs that limited the amount of XRP he could sell per week to negative market pressure.
Despite much criticism, McCaleb has repeatedly tried to reassure investors that his sale did not affect the price of XRP. McCaleb’s agreement with Ripple Labs ends in 2023.
On January 1, 2020, McCaleb will receive 477.7 million XRP from his settlement account with Ripple Labs. McCaleb’s accompanying wallet still holds XRP 652.1 million – about $ 147 million at current prices.
In the original report on McCaleb’s XRP sales in February, Whale Alert warned of the potential risks associated with a single entity exerting such significant economic influence on a project in which they are no longer involved:
“Whether you believe the future is bright for blockchains like Ripple, the economic power and consequences of whales like Jed McCaleb can not be ignored …”