Ripple Labs co-founder and Ripple blockchain founder Jed McCaleb have made at least $3.14 billion in cumulative profits from XRP token sales over the past 8+ years, according to Whale Alert, a cryptocurrency transaction tracking service. According to the information, the entrepreneur sold the last XRP on July 17, 2022.
His wallet data, called taco stand, showed that he had only 47.6 XRP left in his balance, worth $17. The last transaction was for 1.1 million XRP, and the businessman received Tether (USDT) stablecoin for $396 thousand.
Representatives of Whale Alert stated that they were able to track all the sales of XRP tokens over the years. In total, the former Ripple Labs CTO received more than $3.14 billion, which means that, on average, each virtual asset was sold for $0.55. According to the research service team, McCaleb’s profits can be called mind-blowing. In addition, company representatives wondered what would happen to the cryptocurrency’s price after the developer stopped selling his assets.
At the same time, Whale Alert noted that the entrepreneur may have received even more profit, because he could store funds on other wallets. It was also said that he donated part of the property to charity.
Jed McCaleb founded Ripple Labs in 2012 but left the company 2 years later to create the Stellar payment platform. In total, he received about 9 billion XRP tokens, which he sold in batches as part of an agreement with his former colleagues, ostensibly to prevent the price of the cryptocurrency from falling. However, many users accuse him of deliberately dumping the asset’s price.