Ripple CTO’s Account Shows Jed McCaleb Played Dirty and Tried to Crash XRP

Stellar (XLM), a prominent digital asset, recently took a veiled shot at Ripple and XRP. On its official X account, Stellar posted, “Imagine spending more on lawyers than developers and calling it progress,” drawing mass criticism from the XRP army.

Panks Mekras, a prominent crypto figure and co-founder of Anodos Finance, drew attention to Jed McCaleb’s history with Ripple, stating, “Jed played dirty and tried to crash XRP.”

Mekras highlighted this as a major reason he won’t invest in XLM. He also described XLM as an inferior copy of XRP, and many in the community agree, as it often mirrors XRP’s price movements.

McCaleb is a well-known figure in the cryptocurrency industry, having co-founded Ripple and played a key role in developing the XRP Ledger (XRPL). However, his departure from Ripple and subsequent founding of Stellar have been the subject of ongoing controversy.

Mekras shared previous statements from David Schwartz, Ripple’s Chief Technology Officer. According to Schwartz, McCaleb left Ripple due to disagreements with the company’s board over his proposed ideas.

Schwartz stated that McCaleb had “a long string of bad ideas that Ripple’s Board of Directors refused to implement,” leading him to create Stellar as a platform to pursue those rejected ideas.

McCaleb’s Attempt to Tank XRP

One of the most contentious aspects of McCaleb’s departure is the claim that he attempted to destabilize XRP after leaving Ripple. As described by Schwartz, McCaleb tried to “dump his XRP quickly,” prompting Ripple to take legal action to prevent him from doing so.

Schwartz suggested that if McCaleb had succeeded, the value of XRP could have been severely impacted. Instead, due to Ripple’s intervention, McCaleb’s XRP holdings eventually became worth over $1 billion.

After a legal battle, McCaleb was forced to sell his XRP in small amounts with restrictions, and he finished selling off his tokens in 2022.

This claim has fueled distrust toward McCaleb within certain segments of the cryptocurrency community, as one community member stated that she has no idea about McCaleb’s actions. She also revealed that Mekras’ post convinced her to swap her XLM for XRP.

Ripple and Stellar’s Competitive Relationship

Stellar was initially positioned as an alternative to Ripple, but its functionality has mirrored many aspects of the XRP ecosystem. Some analysts view Stellar as a direct competitor to Ripple, while others believe the two networks could coexist within a two-tiered financial system.

There has been speculation that Ripple maintains indirect ties to Stellar through an alleged investment in Stronghold, a blockchain project operating on the Stellar network. However, Mekras dismissed these claims, noting that there is no reliable source for this information.

Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.

---

Follow us on Twitter, Facebook, Telegram, and Google News