The tweet focused on former Ripple co-founder Jed McCaleb, who moved 266,305,309 XRP, valued at approximately $148 million at the time, from the Jed McCaleb Settlement account to his wallet. This transaction was originally flagged and reported by Whale Alert, a well-known blockchain tracking account.

In his post, Dark Defender highlighted that the event, which some at the time viewed as potentially bearish due to its size, had no significant long-term impact on the performance or price structure of XRP.

Dark Defender emphasized that if McCaleb had retained that amount of XRP instead of selling, it would be worth approximately $940 million today, based on recent market valuations. This historical reflection served as a central argument in his broader point about market resilience.

Contextualizing the Chris Larsen Reference

The post by Dark Defender was partly prompted by renewed discussion surrounding a Ripple co-founder, Chris Larsen. Recent reports indicated that Larsen had sold XRP worth $175 million.

Dark Defender drew a parallel between that sale and McCaleb’s 2020 activity, but stressed that McCaleb’s large sale had not undermined XRP’s longer-term performance. He concluded that there was no reason for concern regarding large token movements by major early holders, using the 2020 event as a reference point.

I saw people talking about the news that Chris Larsen sold his XRP for $175 million.

This reminded me that Jed McCaleb, who sold his 266M XRP for $148 million on 9-Dec-2020

If Jed had not done that, he would have had around USD 940 million in his pocket now.

This means XRP… pic.twitter.com/NBeJZvdKwy

— Dark Defender (@DefendDark) July 25, 2025

Dark Defender’s analysis was based on the observation that the XRP market, both in terms of liquidity and structural strength, appeared unaffected by what was then considered one of the largest individual XRP sales. The implication was that fears related to the influence of whale movements, particularly from Ripple-affiliated entities or individuals, may be overstated.

Reactions from the XRP Community

The post attracted responses from other users within the XRP community. One user, under the handle Joeplatform, contended that the 2020 transaction was merely a transfer and not a confirmed sale.

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This assertion appears to be directed at the tweet by Whale Alert, which explicitly labeled the movement as a transfer from a settlement account to a personal wallet. However, Dark Defender maintained that the funds were subsequently sold, consistent with historical patterns in McCaleb’s account activity during that period.

Another user, BeethovenEcho, characterized the situation as a demonstration of XRP’s resilience. They noted that despite the substantial volume involved in the McCaleb sale, there was no major disruption in market price or structure. This, they suggested, reinforced the idea that XRP’s price behavior is influenced by broader market factors rather than isolated large transactions.

Dark Defender’s Conclusion

Dark Defender concluded that the fears surrounding major XRP sales, particularly from early figures like Jed McCaleb or Chris Larsen, are largely unfounded. By referencing an actual historical event and juxtaposing it with current sentiment, he aimed to reassure the community about the robustness of XRP in the face of perceived selling pressure.

While some users disagreed with the exact nature of the transaction in question, the core point raised by Dark Defender—that the market did not react with sustained negative movement following the 266 million XRP transfer—stood uncontested. The analyst used this example to argue that the XRP ecosystem has matured in such a way that it can absorb major asset movements without structural instability.

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In the interview, McCaleb offered detailed insight into the philosophical differences that led him to leave Ripple and create Stellar.

Responding to the interviewer’s request to explain the differences between Ripple and Stellar, McCaleb stated that his vision was to build what he called “an internet-level protocol.” He emphasized that such a protocol should be operated by a non-profit entity, comparing it to how the internet functions today.

According to him, a payments network should work as openly and interoperably as information flows on the internet, and this required governance and structure that he believed Ripple did not implement.

He further explained that another key principle underlying Stellar’s approach is broad participation across the network. McCaleb argued that a decentralized payments platform depends on the wide distribution of its native asset and engagement from numerous independent participants. He noted that Stellar’s efforts to distribute its underlying coin as widely as possible were central to this philosophy.

To the $XRP Community, watch this video and genuinely answer me this:

1. Why has Ripple been dumping XRP on retail?

2. If Ripple can change the rules, isn’t that TradFi with blockchain branding and how is it different from SWIFT or PayPal?

3. Why is RippleNet run by a… pic.twitter.com/GZ6Z0gcwia

— Stellar Expert (@StellarExpert) July 15, 2025

Concerns over Centralization and Technical Limitations

The interviewer then highlighted that decentralization remains a core value for many within the crypto community and asked McCaleb why Stellar’s nonprofit, decentralized approach could be advantageous for users and institutions. McCaleb responded by noting a critical technical concern: Ripple’s consensus algorithm makes it difficult for parties outside Ripple Labs to run nodes.

He explained that this results in Ripple Labs operating the majority of the nodes, which, in his view, creates a system that is effectively centralized, comparable to existing platforms such as SWIFT or PayPal.

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McCaleb said the vision for a blockchain-based payments network should instead mirror the openness of the internet, where anyone can participate, and no single entity has the authority to impose arbitrary fees or policies. He warned that centralized control of the network undermines its ability to grow and reach widespread adoption.

Closing Remarks on the Importance of Openness

In his concluding remarks, McCaleb reiterated the necessity of an open, decentralized system to achieve ubiquity and sustainability. He argued that only a truly open network not controlled by a central authority has the potential to achieve global scale and user trust, similar to the development of the internet. The interview ended shortly afterward, with the host thanking McCaleb and expressing interest in hearing more from him in the future.

Stellar Expert’s tweet drew attention to these points from McCaleb’s interview, framing them as critical questions for the XRP community to reflect on regarding Ripple’s ongoing strategy, its level of decentralization, and the original intent behind the technology.

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According to Stellar Rippler, McCaleb’s exit was not due to a fallout, but a strategic deployment to expand a coordinated global financial infrastructure.

Stellar Rippler’s thread begins by reframing a widely accepted narrative. Traditionally, McCaleb’s move from Ripple to founding Stellar has been portrayed as a product of disagreements and internal conflict.

However, Stellar Rippler argues that McCaleb’s departure and immediate creation of Stellar suggest deliberate planning rather than personal discord. He highlights that McCaleb helped launch Ripple and built the early architecture of XRP, but after supposedly “leaving,” he immediately started Stellar, carrying forward the same core technology without interruption.

The timing of these events is crucial to Stellar Rippler’s argument. He points out that McCaleb’s exit coincided precisely with Ripple’s institutional expansion, early plans surrounding ISO 20022 messaging standards, and major discussions among organizations such as the International Monetary Fund (IMF), the Bank for International Settlements (BIS), and the World Economic Forum (WEF) about the future of global payments systems. Stellar Rippler asserts that McCaleb’s “exit” should be viewed not as a typical resignation but as an assignment to initiate Stellar’s role in a broader strategy.

XRP and XLM: Coordinated Functions, Not Competition

Stellar Rippler describes XRP and XLM as complementary elements of a unified global plan rather than competing cryptocurrencies. According to the analysis, XRP’s role is focused on handling interbank liquidity, cross-border settlements, and supporting central bank digital currencies (CBDCs) behind the scenes. Meanwhile, XLM focuses on humanitarian aid, cash-based economies, and facilitating retail stablecoin flows.

The thread raises important questions about the access Ripple and Stellar have at the highest institutional levels. Stellar Rippler notes that Stellar maintains relationships with the United Nations and the World Bank, while Ripple has cultivated partnerships with SBI Holdings, Bank of America, and various central banks worldwide. Both networks have established critical footholds in distinct sectors that align with the described blueprint.

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Examining the timeline further, Stellar Rippler outlines key developments. In 2014, McCaleb leaves Ripple. By 2015, Stellar is actively engaging with the IMF. By 2017, RippleNet began its expansion without interference from regulatory bodies.

Between 2018 and 2022, the United Nations utilized Stellar for blockchain-based aid distribution. After 2023, Ripple and Stellar are positioned globally to support the upcoming CBDC era.

Positioning for a New Financial System

Stellar Rippler also highlights how Stellar and Ripple have prepared for a transformation in global finance. Stellar has piloted initiatives involving digital IDs, CBDCs, stablecoin cashouts, and humanitarian payouts before 2024. On the other hand, Ripple is building private CBDC ledgers for governments, ensuring that institutional and retail aspects of a new financial infrastructure are covered.

Stellar Rippler summarizes the current landscape by outlining the specific use cases each blockchain serves. XRP is deeply embedded in interbank and institutional liquidity operations, including RippleNet’s use by Santander, SBI Remit, and Tranglo, as well as On-Demand Liquidity (ODL) corridors moving billions of dollars. XRP Ledger is also used in Palau’s stablecoin pilot, and Ripple is conducting private CBDC pilots in Bhutan, Montenegro, and Colombia.

At the same time, XLM has become integral to retail and humanitarian operations. Stellar’s blockchain powers MoneyGram’s cash-to-crypto rails across 180 countries, supports United Nations’ aid distributions using USDC stablecoins, and serves Franklin Templeton’s tokenization of a $300 million U.S. money market fund.

Finally, Stellar Rippler mentions projects like PowerpactOrg, which leverages Stellar’s blockchain for peer-to-peer clean energy trading. This illustrates that decentralized finance and sustainable energy initiatives are already being implemented on Stellar’s network.

Stellar Rippler post suggests that while it is possible McCaleb left Ripple due to internal conflict, the overall sequence of events appears too coordinated to be coincidental.

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.

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The post references comments from Ripple CTO David Schwartz, who provided insight into McCaleb’s departure and the decisions that led to the creation of Stellar.

David Schwartz’s Perspective on McCaleb’s Exit

According to David Schwartz, Jed McCaleb had ideas that Ripple’s Board of Directors ultimately rejected. Unable to implement his vision within Ripple, McCaleb left to start Stellar based on those rejected ideas.

One of Stellar’s early initiatives was a large-scale giveaway similar to what McCaleb proposed at Ripple. However, Schwartz described this giveaway as a failure and suggested Stellar eventually pivoted to become “a clone of Ripple.”

Another key issue highlighted by Schwartz was McCaleb’s attempt to sell off his XRP holdings rapidly. Ripple intervened, preventing him from doing so through legal measures.

Schwartz stated that if Ripple had not taken action, McCaleb might have sold his XRP at a much lower valuation, significantly reducing its worth. As a result of Ripple’s restrictions, McCaleb’s XRP holdings ended up being worth over $1 billion.

Schwartz also criticized McCaleb’s approach to handling internal disagreements at Ripple. Rather than accepting the decisions of Ripple’s leadership and investors, McCaleb publicly criticized the company and started a direct competitor. Schwartz believes such actions are unethical.

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Community Member Response and Schwartz’s Clarification

In response to Schwartz’s comments, an X user named Dane pointed out that Schwartz explicitly stated that his remarks were not a reflection of Stellar’s current status or prospects.

Dane argued that ignoring this aspect of Schwartz’s statement would take the message out of context. While Schwartz was critical of McCaleb’s actions, he made no claims about Stellar’s present value as a project.

Schwartz himself later responded to Dane, stating, “100%. If you think what Jed did somehow renders Stellar/SDF evil or deserving of scorn, that argument almost equally applies to XRPL/Ripple.”

This comment emphasized that McCaleb’s departure and actions should not necessarily be used to discredit the Stellar Development Foundation (SDF) or the Stellar project itself. Schwartz appeared to acknowledge that Ripple and Stellar have their trajectories, independent of the events surrounding McCaleb’s exit.

Schwartz’s remarks provide an important perspective on the internal conflicts that led to the creation of Stellar. His clarification further suggests that Stellar’s current status should not be judged solely on the circumstances of its founding.

This discussion also highlights a broader issue within the cryptocurrency industry—disagreements among project founders can lead to separation and competition, sometimes at the expense of collaboration.

However, as Ripple and Stellar continue to evolve, their roles in the digital asset ecosystem will ultimately be determined by their technological advancements and real-world utility rather than past disputes.

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.

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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.

I guess most people here don't know this, but Stellar was created by Jed McCaleb who was also one of the creators of XRPL & co-founder of Ripple. Jed played dirty and tried to crash XRP. This is one of the many reasons I will never support Stellar or hold XLM, other than also… https://t.co/X58OXC29Go pic.twitter.com/KNk3DbtX0R

— Panos {X} (@panosmek) February 9, 2025

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.

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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.

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Deaton outlined the historical context of Ripple’s emergence, the strategic choices made by the company, and the broader implications of the case for the cryptocurrency industry.

Ripple’s Early Vision and Strategic Decisions

Deaton highlighted the circumstances surrounding Ripple’s inception in 2012, emphasizing that stablecoins did not exist at the time, and the cross-border payments market was an untapped opportunity. Ripple’s founders created XRP to streamline global financial transactions.

While there was an internal debate about focusing on smart contracts versus payments, Ripple chose the latter, recognizing the significant potential in the cross-border payments sector.

The global payments market has since grown exponentially. Deaton referenced data showing that in 2022, cross-border payment flows exceeded $150 trillion and are projected to reach $250 trillion by 2027. Ripple’s early focus on this market positioned it as a leader in leveraging blockchain technology for international remittances.

The SEC’s Legal Action and Its Impact

In December 2020, the SEC filed a lawsuit alleging that XRP constituted an unregistered security. Deaton criticized the broad nature of the SEC’s claims, which he described as overreaching and unprecedented.

He argued that the case disrupted Ripple’s business and significantly affected its partnerships. For instance, Coinbase, which had listed XRP in 2019 and promoted its use alongside USDC for efficient international payments, delisted XRP following the lawsuit.

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MoneyGram, a key Ripple partner, stopped using XRP and transitioned to XLM, a cryptocurrency created by Ripple co-founder Jed McCaleb.

Deaton questioned whether there was a meaningful legal distinction between XRP and XLM under securities law, suggesting that the SEC’s approach appeared inconsistent.

Allegations of Conflicts of Interest

Deaton also scrutinized the conduct of former SEC officials involved in the lawsuit. He pointed to potential conflicts of interest, noting that some individuals who advocated for the case later worked with competitors of Ripple and XRP. These associations, he argued, raised concerns about the impartiality and motives behind the enforcement action.

Broader Implications for the Crypto Industry

The Ripple case exemplifies the challenges faced by cryptocurrency projects navigating regulatory uncertainty in the United States. Deaton underscored the lack of clear guidelines for differentiating securities from non-securities, a gap that has stifled innovation and driven companies to seek clarity abroad.

While Deaton openly acknowledges that he is not a “Ripple fanboy” and has been critical of the company’s practices, he maintains that the SEC’s lawsuit represents an overreach with far-reaching consequences. He urged industry stakeholders to recognize the broader issues at play, including the need for regulatory transparency and fairness.

John Deaton’s critique of the SEC’s case against Ripple underscores the complexity of regulating emerging technologies in a rapidly evolving financial landscape.

The case has reshaped Ripple’s trajectory and highlighted the urgent need for coherent regulatory frameworks to ensure innovation can thrive while protecting investors. As the cryptocurrency market continues to grow, the outcome of this case could set important precedents for the future of digital assets.

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In his analysis, McCaleb emphasized the platform’s practical utility, technical innovations, and mission-driven approach, which he believes set it apart from other blockchain projects.

High Transaction Volumes and Real-world Applications  

Stellar consistently handles more daily transactions than most blockchain networks, with volumes reportedly ten times higher than Ethereum. According to McCaleb, this performance is due to the token’s active use in real-world transactions, unlike many other projects that struggle to achieve widespread adoption.

McCaleb highlighted Stellar’s streamlined design, which integrates essential features directly into the platform. These include stablecoin issuance, token creation, and a decentralized exchange. This functionality simplifies the process for businesses and developers, making the asset an adaptable and efficient blockchain solution.

Secure Smart Contracts with Soroban

Another standout feature is its smart contract platform, Soroban. Designed for efficiency and security, Soroban addresses common vulnerabilities like reentrancy issues, ensuring safer smart contract implementation. This feature reflects the company’s commitment to delivering reliable tools for developers.

McCaleb pointed to Stellar’s minimal transaction fees as a major advantage. Its cost-effective infrastructure allows users to execute transactions at negligible rates, making it a competitive option for personal and business financial activities.

According to McCaleb, the asset’s technical foundation is built on world-class engineering principles. Additionally, its detailed and easy-to-follow documentation has been recognized as one of the best in the blockchain industry. These resources empower developers to build applications efficiently, fostering growth and innovation within the ecosystem.

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One of the company’s core missions is to enhance financial access for underserved populations. McCaleb emphasized that the platform is designed to facilitate affordable asset transfers and provide financial services to those in regions with limited banking infrastructure. This focus on inclusivity distinguishes it from competitors.

Stellar’s native token, XLM, has shown remarkable performance in recent weeks, with its price surging by 478% in November alone. This growth pushed XLM to $0.65, a level not seen since May 2021. The significant price increase demonstrates strong market interest in the token.

Ripple Effect of Regulatory Changes

The resignation of SEC Chair Gary Gensler has created renewed interest in cryptocurrencies associated with McCaleb. Regulatory challenges tied to XRP, stemming from the SEC v. Ripple case, had previously suppressed its price. Following Gensler’s resignation, XRP experienced a 130% rise in value this year. XLM, often seen as a rival to XRP, has outperformed it.

McCaleb believes the asset is uniquely positioned to address critical challenges in digital payments. Its ability to offer cost-effective and scalable solutions to individuals and businesses demonstrates its long-term potential.

With a focus on real-world utility and financial accessibility, the token is poised to maintain its relevance in the evolving cryptocurrency landscape.

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However, he was restricted to annual sales of 1 billion tokens to prevent market manipulation. They created the lock-up agreement to prevent a massive token dump by the founders. This agreement culminated in July 2022, when he finally sold all the tokens.

Read Also: Ripple Co-Founder Jed McCaleb Has Sold About 500 Million XRP In 2022. Here’s His Wallet Balance

A year later, a new anomaly emerged. In May 2023, a flurry of withdrawal attempts surfaced on McCaleb’s supposedly empty wallet. These weren’t mere one-offs, as fourteen withdrawals were attempted between May 28 and June 11. The withdrawal amounts ranged from 2.51 million to 3.38 million tokens, but all transactions failed.

Flip The Chain (@flipthechain), a crypto education account on X, shared the information recently. Naturally, the events raised eyebrows. The empty wallet of the co-founder of two massive blockchain companies is intriguing news, and many began to speculate the likely cause of these failed transactions.

Suspicious Activity traced in Jed Mccaleb's Wallet.

The last set of withdrawals by Jed Mccaleb was on 17th July 2022.
However, someone from this wallet has been trying to withdraw XRPs with no success since the XRP balance is exhausted. 1/3 pic.twitter.com/FdO9HBy882

— Flip The Chain (@flipthechain) January 7, 2024

The Most Likely Culprit

The most plausible explanation is automated bot activity. At some point, McCaleb might have set up a bot programmed to withdraw specific XRP amounts at predetermined intervals. This bot, however, appears to have outlived its purpose. The bot, oblivious to the empty tacostand, kept executing its programmed withdrawals, leading to a series of failed transactions.

This theory gains credence from the timing of the first phantom withdrawal, which came in July 2022, before McCaleb emptied the wallet. Back then, the wallet still held over 1 million XRP, but it fell short of the bot’s programmed withdrawal amount which was close to 4 million, resulting in a failed transaction.

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Read Also: Jed McCaleb’s XRP Balance now below 100 Million. May Run Out Of XRP in Less Than 30 Days

While these automated attempts are essentially harmless, they do raise some questions. Firstly, it highlights the need for McCaleb to address the bot situation and prevent further confusion. Secondly, it shows the potential pitfalls associated with automated systems, even for someone as tech-savvy as McCaleb. Luckily, this was a harmless incident.

Although this news got some attention and caused some speculation in the XRP community, they have other big topics to focus on.

Meanwhile, a prominent crypto figure recently predicted when BlackRock will apply for an XRP ETF, which is expected to send XRP to new all-time highs.

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In a bid to clear the new conception revolving around the cross-border payments platform founders, 24HrsCrypto, a prominent XRP-focused YouTube channel, took to Twitter to clarify the controversies surrounding Ripple executives and their XRP holdings.

Read Also: John Deaton and Ripple CTO Blast Ethereum Co-Founder Vitalik Buterin Over His Latest XRP Criticism

Using Chris Larson, co-founder and Executive Chairman of Ripple, as a case study, the official Twitter account of 24HrsCrypto noted that Chris Larson never sold any of his XRP holdings since 2013.

To all the people who say "Ripple executives are dumping #XRP," Chris Larson is sitting on 2.5 billion XRP (2.5 billion XRP that we can confirm is his, there might be more wallets not named), and nothing has been touched since 2013… let that sink in #XRPCommunity #XRPHolders pic.twitter.com/cOC6ZAK4Ye

— 𝟸𝟺𝙷𝚁𝚂𝙲𝚁𝚈𝙿𝚃𝙾 (@24hrscrypto1) June 14, 2023

Per the 24HrsCrypto host, Larson’s 2.5 billion XRP tokens have been untouched since 2013; the crypto channel host drove his assertion further by sharing a snapshot with detailed transactions from Larson’s crypto wallet.

The Exposed Document

In another disclosure, an anonymous XRP community member discredited earlier claims of Ripple executives holding on to their XRP coins since 2013.

The yet-to-be-identified community member shared a court document filed by Michael K. Kellogg, a solicitor representing Ripple in the SEC lawsuit, having conveyed 106 exhibits, all in a bid to push Ripple’s motion for summary judgment.

The shared document pinpoints Exhibit 81 and Exhibit 82. Both named Exhibits contain the worth of XRP sold by Ripple CEO Brad Garlinghouse and Chris Larson. Notably, these two implied Exhibits earned listings on Court Listener, a prominent legal-based research platform.

According to information obtained from Exhibit 81, Larson, as of December 2020, when the SEC filed the lawsuit against Ripple, sold over $453.69 million worth of his XRP holdings.

Read Also: Ripple CEO Brad Garlinghouse Slams the SEC in Defense of Ethereum, Says He Holds BTC, ETH, XRP

Furthermore, data from Exhibit 81 disclosed that Larson sold XRP valued at $395.2 million using foreign exchanges such as Binance, Bithumb, and Huobi. Bithumb contributed to the sales of the remarkable volume of the XRP tokens.

In addition, Larson noted that an extra $58.47 million worth of XRP got traded on US-based exchanges, including Coinbase, Kraken, and Poloniex, in 2017. Poloniex facilitated the bulk of the sales, which amounted to $43.3 million.

Ummm hate to burst your bubble pic.twitter.com/bwOqeYwmGr

— CryptoArsenal (@_CryptoArsenal) June 14, 2023

On the other hand, Exhibit 82 disclosed that Garlinghouse sold off $164.26 million worth of his XRP holdings as of December 2020. Of Garlinghouse’s alleged $164.26 million XRP sales, $155.81 million was traded on foreign exchanges, and the remaining $8.44 million tokens got traded on American exchanges.

Read Also: Top US-Based Exchange Reveals that Most XRP Investors are Long-Term Holders

Ripple Founders’ XRP Selloff: A Subject Of Claims And Speculation

For context, previous Ripple executives allegedly sold off their XRP holdings. At Ripple’s onset, when the token was still referred to as OpenCoin, the three founders – McCaleb, Larson, and Arthur Britto all received a share of 20 billion XRP.

After leaving Ripple in 2013, McCaleb went on an XRP selling spree, necessitating the need to cushion the risks of a possible market impact by extending the distribution of McCaleb’s XRP sales over the years. In the end, McCaleb succeeded in selling off his last set of XRP possessions in late July 2022.

Surprisingly, McCaleb escaped implications by the SEC in the lawsuit against Ripple despite being a significant member of the token’s initial executives. SEC’s McCaleb’s omission in its case against Ripple made John Deaton call out the regulatory body for its numerous inconsistencies.

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Ripple, a leading crypto solutions company and cross-border payment based in San Francisco has been locked in a legal battle with the United States Securities and Exchange Commission for over years now. 

The SEC filed this lawsuit against Ripple and two of its top executives Brad Garlinghouse and Chris Larsen in December 2020, claiming that XRP is an unregistered security. 

The longstanding case seems to be slowly winding down as indicated by Ripple executives and other pro-XRP lawyers including John Deaton and Stuart Alderoty.

According to Ripple’s CEO, the case is expected to receive the summary judgment from Judge Analisa Torres around Q2 of 2023. Ripple President Monica Long is also positive Ripple would come out victorious. 

Jed McCaleb Exemption in XRP Lawsuit

It bears mentioning that one of Ripple’s founding team members Jed McCaleb was omitted in the XRP lawsuit filed against the company by the US securities watchdog. Notably, McCaleb was the founding Chief Technology Officer of Ripple. 

Accordingly, the members of the XRP community have continuously asked to know why the American programmer and Ripple co-founder was not sued alongside Garlinghouse and Larsen. 

The topic re-surfaced on Tuesday per a tweet by the principal developer advocate of Protocol Labs Matt Hamilton. He wrote, “I’ve always found it strange how conspicuously absent Jed’s name is in the SEC v. Ripple case.” 

Reacting to this, some XRP and Ripple proponents suggested that the former Ripple CTO may have signed some sort of whistleblower or immunity deal with the SEC. 

“I wouldn’t be surprised if he filed a whistleblower claim,” Jesse Hyne said. Another user named Baggins replied saying, “This isn’t an accident in my honest opinion. I’m betting he has some form of cooperation with SEC and made a deal for immunity.”

The attorney representing over 75,000 XRP holders and the founder of the CryptoLaw firm joined the Twitter discussion to give his take on the McCaleb topic. 

According to Deaton, the SEC may have excluded the former Ripple CTO given that he is among the founding fathers of the crypto technology. As per his comment, McCaleb is among his Crypto”s Mount Rushmore four-man list. 

“By the way, my unbiased choices for Crypto’s Mount Rushmore: David Chaum, Satoshi Nakamoto, Jed McCaleb, and Vitalik Buterin,” he wrote. Not only does Jed McCaleb belong on Crypto’s Mount Rushmore but he is Crypto’s Teflon Don,” Deaton added.

BTW, my unbiased choices for Crypto’s Mount Rushmore:

David Chaum, Satoshi Nakamoto,@JedMcCaleb and @VitalikButerin.

— John E Deaton (@JohnEDeaton1) March 28, 2023

Notably, Mount Rushmore is a high rock cliff in the Black Hills of the US state of South Dakota. It is famous for the very large heads of four US presidents carved in the rock: George Washington, Thomas Jefferson, Abraham, Lincoln, and Theodore Roosevelt. Meanwhile, Teflon Don was the nickname given to former American gangster and leader of the Gambino crime family John Joseph Goti Jr.

In essence, Deaton implied that David Chaum, Bitcoin founder(s) Satoshi Nakamoto, Ethereum creator Vitalik Butein, and Jed McCaleb are the four most important figures in the history of cryptocurrency. Likewise, the Teflon Don label cites McCaleb’s 20 billion XRP tokens dump after which he left the XRP project.

Recall that Deaton earlier noted that SEC’s failure to sue McCaleb indicates that the XRP lawsuit is illegitimate.

As reported, the new Ripple CTO David Schwartz, who believes XRP would make a good collateral instrument recently revealed how he joined the company through McCaleb.

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The post John Deaton Explains Why SEC Exempts Former Ripple CTO Jed McCaleb from XRP Lawsuit appeared first on Times Tabloid.