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Ripple Co-Founder Jed McCaleb Sells 28.6M XRP For First After SEC Lawsuit

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Ripple Co-Founder Jed McCaleb

Ripple Co-Founder Jed McCaleb Sells 28.6M XRP For First After SEC Lawsuit

Ripple Co-Founder Jed McCaleb

Jed McCaleb, co-founder and former CTO of Ripple, liquidated 28.6 million XRP. Researcher Leonidas Hadjiloizou drew attention to this in his Twitter account.

According to him, McCaleb suspended the sale of tokens after December 23, 2020, the US Securities and Exchange Commission (SEC) accused Ripple of distributing $ 1.3 billion in unregistered securities.

On January 18, the former CTO of the company sold tokens. According to CoinGecko, the XRP price at that time was around $ 0.28. The deal earned McCaleb approximately $ 8 million.

Hadjiloizou suggested that the Ripple co-founder consulted with lawyers, but the real reason why he resumed sales is unknown.

Since 2014, the ex-Ripple employee has over 9 billion XRP in his accounts. Under an agreement with the company, McCaleb receives regular token tranches. Earlier, he ruled out possible pressure on the price. According to the Whale Alert service, from 2014 to 2019, the co-founder of the company sold 1.05 billion XRP. In 2020, he liquidated 375 million XRP.

Recall, preliminary hearings in the SEC case against Ripple are scheduled for February 22, 2021. On January 5, Tetragon Financial Group filed another lawsuit against Ripple.

Amid the SEC lawsuit, major platforms have dropped support for XRP. These include Coinbase and OKCoin, Galaxy Digital, Bitstamp, B2C2, eToro, and Kraken. Gavin Michael, head of the regulated Bakkt platform, ruled out the addition of XRP to new products, and Grayscale Investments announced the liquidation of the token-based investment trust.

The CEO of the company, Brad Garlinghouse, called the claims of the regulator a terrible precedent for the cryptocurrency industry and organizations related to digital assets. According to him, the company will not give up its attempts to settle contradictions with the department. Read more here…

Cryptocurrency platform Gatehub has announced support for XRP until a final decision is made on the SEC’s claim.

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