Jed Mccalebb, one of the Ripple co-founders of the company, owns $1 billion in XRP tokens. Of Tomio Geron from The Wall Street Journal in his article said that in the last few weeks McCaleb significantly increased sale of these tokens.
Jed McCaleb a few years ago left Ripple, and was a co-founder of a competing cryptocurrency platform Stellar. Due to active sale of tokens it can put pressure on the Ripple, because it could have a negative impact on the cost of scriptactive. This is comparable to the situation in which the CEO of a public company suddenly began to sell its shares.
Sale of machalaba also indicates the challenges may face cryptocurrency startups at early stages, when their welfare depends on the cost of tokens.
The representative of the Ripple in San Francisco declined to comment. McCaleb in the email said:
I don't sell more than agreed with Ripple.
Jed McCaleb — known figure in cryptosuite. He is at the origin of the now closed exchange Mt. Gox, he sold the infamous Mark Karpeles. In 2013 McCaleb left Ripple due to the crisis in the company so in 2014, run Stellar.
The agreement between the Ripple and Machalaba from 2014 prescribed daily limits on the sale of tokens. In 2016, the terms have been revised: now the co-founder can every day to sell the tokens at the level of 0.75% of the daily trading volume of the cryptocurrency Ripple or lower.
However, since the end of August will make sales grow with each passing day. In July McCaleb sold from 20 000 to 40 000 XRP per day. In August he began to sell about 500 000 XRP per day, and in one day got rid of 752 076 XRP. In other words, he exceeded in 2016, the limit of 35 times. From 14 to 19 September jed again "poured" over 500 000 XRP per day (equivalent to about $150 000).
The average daily trading volume of XRP, which is calculated based on the limit of sales in recent months have not changed significantly.
McCaleb may not amend the agreement unilaterally, without the approval of the Ripple. XRP are on his personal account in the company. The document also stated that, although McCaleb owns XRP, Ripple controls the issue of tokens for him.
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