Ripple Co-Founder Jed McCaleb Speaks on XRP Sales

Jed McCaleb, co-founder of Ripple, recently addressed his XRP sales on the X social media platform, denying that he intended to harm investors due to his disappointment with Ripple’s decisions.

McCaleb stated that he informed the community of his departure from the company as he had lost faith in the project. He emphasized his intention was to allow investors to front-run him instead of selling without prior notice. “The intent was to let people front-run me. The alternative was to sell without telling people. Is that better?” he questioned.

The 50-year-old investor clarified that he had never promoted XRP as an investment, which he believes is why he was not targeted by the SEC.

Having co-founded Ripple, McCaleb was granted 9 billion XRPs in 2012 and left the company for Stellar in 2013 after disagreements with its vision. In 2014, an agreement was made for him to sell his tokens gradually, with initial sales limited to $10,000 per week. Ripple later sued McCaleb for violating this agreement, which led to a new settlement in 2016 that linked his sales to XRP’s trading volume.

As reported by U.Today, McCaleb finished selling his XRPs in 2022. Ripple’s CTO David Schwartz remarked that McCaleb attempted to sell all his XRPs at once, a move thwarted by legal actions from Ripple. Schwartz humorously noted that McCaleb may become a self-made billionaire despite his efforts to the contrary.

A Billion-Dollar Investment in Space

Notably, McCaleb, known for founding the controversial Mt. Gox exchange, has profited a staggering $3.2 billion from selling his XRP holdings. He has recently attracted attention after Bloomberg reported that his crypto fortune is now funding the development of the first commercial space station.