The account of Ripple co-founder Jed McCaleb on the XRP Ledger, known as the “-tacostand” account, is expected to be empty in a month as the co-founders XRP token sales have been ongoing, but tokens being released are starting to dry up.
As first pointed out by a user on social media using data from a website tracking Jed McCaleb’s account, the Ripple co-founder’s account now has around 96 million XRP tokens left. At his current selling pace, he is expected to have between 23 and 27 days left before the account is empty.
As CryptoGlobe reported, year-to-date McCaleb has sold over 500 million XRP tokens on the market. McCaleb is said to have started working on Ripple back in 2011, and was part of its founding team when the firm launched in 2013. While he left it in 2014 to work on Stellar (XLM), he was awarded 8 billion XRP tokens for his role in developing and founding OpenCoin, which was later rebranded to Ripple.
The entrepreneur receives the funds on a fixed schedule and has made it clear via XRP Talk, a forum for XRP investors and proponents, that he plans on selling the funds he receives, as he has already donated part of the funds to charities such as Give Directly, Literacy Bridge, and others.
Since then, he has been periodically selling XRP. According to a report by CoinDesk from back in 2014, a deal between McCaleb and Ripple was struck to avoid a massive, sudden XRP sell-off at the time. The deal did not limit how many tokens McCaleb could sell after the seventh year, meaning his account could soon be empty.
McCaleb’s XRP sales are believed by some of the cryptocurrency’s proponents to be keeping its price down, as constant selling pressure is added every time McCaleb sells his tokens.
It’s worth noting McCaleb’s large XRP sales continued even after the cryptocurrency endured a major sell-off over the U.S. Securities and Exchange Commission’s (SEC’s) lawsuit against Ripple Labs last year. The SEC has alleged Ripple and two of its executives “raised over $1.3 billion through an unregistered, ongoing digital asset securities offering.”
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