Prominent trader Peter Brandt described the XRP cryptocurrency as “garbage” in response to a tweet about sales from Ripple co-founder Jed McCaleb. Here is what Peter Brandt had to say about the popular altcoin XRP…
Peter Brandt calls popular altcoin XRP “garbage”
“It shows that even trash can make a person a billionaire,” the senior graphic artist tweeted about Jed McCaleb. cryptocoin.com As we reported, Ripple has officially confirmed that Jed McCaleb has liquidated its XRP holdings after an eight-year selling frenzy. The co-founder earned an estimated $3.09 billion by selling his tokens for 708 BTC. Brandt has repeatedly stated that the XRP cryptocurrency is an unregistered security. The trader also described the cryptocurrency as a “scam” in 2020. He predicted that the US Securities and Exchange Commission (SEC) would sue Ripple.
Jed McCaleb emptied his Ripple wallet
Former Ripple CTO Jed McCaleb has sold the last of his XRP shares, according to a statement from the company today. In a blog post, Ripple said that McCaleb sold the last of his XRP holdings in his “tacostand” wallet over the weekend. McCaleb co-developed XRP Ledger with David Schwartz and Arthur Britto in 2011. Later in 2012, he founded the company Ripple related to Arthur Britto and Chris Larsen.
However, McCaleb left the company in 2013 after disagreements; He founded rival firm Stellar in 2014. At the time, he still had about 9 billion XRP – an amount equivalent to 9% of the 100 billion XRP supply. McCaleb gradually sold his XRP to the crypto market. However, in 2015, Ripple accused McCaleb of violating an agreement that set the rate at which it could sell XRP holdings.
McCaleb has had limited sales since 2016
After this lawsuit was settled in 2016, McCaleb agreed to a sell restriction on his remaining XRP holdings. The rate at which McCaleb is allowed to sell XRP was determined by the daily volume of the XRP market and increased year-on-year. McCaleb also agreed to sell his stake in Ripple and donate 2 billion XRP to a charity of his choice. The dispute involving McCaleb appears to have nothing to do with the legal dispute between Ripple and the SEC. This lawsuit alleges that Ripple’s XRP sales constitute unregistered securities offerings.
While McCaleb was not directly involved in the lawsuit, some have observed that most of McCaleb’s XRP sales occurred after the SEC lawsuit began in December 2020. Leonidas Hadjiloizou noted that McCaleb earned $3.1 billion from XRP sales and $2.6 billion from 708 BTC.
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