Ripple Transfers 25 Million XRP, Jed McCaleb Cashes Out Another 10 Million
According to an update on August 11 by Twitter bot XRPL Monitor, a wallet belonging to Ripple made two separate transfers of 10 million and 15 million XRP.
The transactions totaled more than $6.9 million XRP, with 10 million in XRP being sent to a wallet belonging to the major crypto custodial service BitGo. The additional 15 million XRP was transferred from Ripple to an anonymous address.
In addition to Ripple moving substantial amounts XRP, the company’s co-founder and former chief technology officer Jed McCaleb wired an additional 10 million XRP from his personal “tacostand” wallet. According to the transaction details, McCaleb made two separate transfers of 5 million XRP each, contributing to his long-history of cashing out.
As part of the settlement agreement following McCaleb’s departure, Ripple must send regular payments of XRP to his personal wallet, dubbed “tacostand.”
According to current Ripple CTO David Schwartz, McCaleb’s compensation will bring him over $1 billion in funds–much to the dismay of current XRP investors.