According to an on-chain data analysis researcher, one of the founders of Ripple, Jed McCaleb reportedly sold 29.5 million XRP in one day. McCaleb was an early cryptocurrency investor, a self-made entrepreneur, and one of the richest people on the planet.
In the very early history of the crypto economy, many investors happened to enter cryptocurrencies. The following editorial is the first in a series of articles that delve into some of the world’s richest cryptocurrency investors. Jed McCaleb is a mystery, thanks to his early investment in the field of digital assets, especially when he co-founded the company Ripple.
He is also considered the 40th richest person on the planet. It is estimated that McCaleb has more than $20 billion in digital assets, and this is just his XRP token ownership. Estimates also show that when McCaleb founded “Opencoin” (renamed Ripple), the founder owned 9 billion XRP tokens.
Just recently, researcher Leonidas Hadjiloizou shared data on McCaleb’s sale of a large number of XRP on December 6. On Sunday, December 6, 2020, the price of XRP will range from $0.59 to $0.62 per token. Hadjiloizou said that this will make McCaleb’s sales value more than $17 million, and before the dump, McCaleb’s daily sales of incremental XRP exceeded 9 million.
“After selling 9.9 million XRP every day for a week, Jed was able to sell 29.5 million XRP today,” Hadjiloizou Tweet on Sunday.
Another report released by blockchain analysis provider Whale Alert in February last year stated that in September 2019, researchers captured 100 million XRP streams from Ripple to McCaleb’s known wallets. Whale Alert stated that they managed to “track the sales of 1.05 billion XRP (almost all through Bitstamp) between 2014 and 2019.
The researchers added: “At an average price of 0.129 cents per XRP, total sales are $135 million.” However, shortly after publishing the XRP post, Whale Alert updated the post with the new number it discovered. The post says:
Update: We calculated Jed McCaleb’s XRP sales as of August 3. During this period, his account sold another 375 million XRP, with a total value of 75 million US dollars.
McCaleb’s history goes far beyond the creation of Ripple, because entrepreneurs and programmers founded the notorious trading exchange Mt Gox and sold it to Mark Karpeles. He also served as the Chief Technology Officer (CTO) of Ripple until 2013. Prior to Got Mt, McCaleb was also known for making peer-to-peer Edonkey 2000 applications.
In addition, McCaleb also co-founded another digital currency network called Stellar with Joyce King. Stellar (XLM) is a branch of XRP, which is similar to the Ripple network. When the Stellar network first started, it took advantage of the Joint Byzantine Agreement (FBA) originally called by the Ripple network.
However, David Mazières, one of Stellar’s chief scientists, switched the XLM network to the Stellar Consensus Protocol (SCP). The distributed ledger protocol Stellar or Ripple does not use Proof of Work (PoW) or Proof of Stake (PoW) consensus algorithms because the network depends on the use of verification procedures. Today, there are 21,761,065,319 stars (XLM) in circulation today, and each token is worth $0.16, making it the 11th largest market capitalization according to statistics.
McCaleb is quieter than most advocates in the industry and usually stays in shape these days. He founded Lightyear.io in 2017, which later became known as Interstellar Payment System.
In addition to being named the 40th richest man by Forbes, McCaleb was also named one of the top ten people leading the “blockchain revolution” by the New York Times. When reading the results of Google’s 204,000 articles about Jed McCaleb, you will find many articles about his selling XRP.
Over the years, the Ripple co-founder has also given a lot of XRP, because McCabob is known for donating more than $500,000 in XRP to the Machine Intelligence Research Institute (MIRI). McCaleb’s donation is MIRI’s largest donation to date. McCaleb also made donations to the artificial intelligence research laboratory and the for-profit company Openai LP.
What do you think of Jed McCaleb’s recent 29 million XRP transaction and the history behind early investors? Let us know your thoughts on this topic in the comments section below.