In a recent tweet, David Schwartz, chief technology officer (CTO) of blockchain company Ripple (XRP), expressed a regret towards XRP. The CTO expressed his regret that he bought a stake in Ripple instead of XRP. Here are the details…
Ripple CTO shares his regrets
Ripple, one of the largest blockchain companies, said the US Securities and Exchange Commission (SEC) said choosing a stake in the company over XRP was “probably” a “pretty big” mistake. Ripple founders Arthur Britto, Jed McCaleb and Chris Larsen together bought 20 billion XRP. Schwartz bought a 2 percent stake in the company instead of the token. The architect of XRP Ledger claims that he can buy around 500 million tokens.
The manager also thinks that there is no point in buying XRP from Ripple. Because he explains that he can buy the token himself from the exchanges. The XRP cryptocurrency is currently trading at $0.36. The cryptocurrency is now down 89.27 percent from its record high recorded in early 2018. Larsen’s net worth skyrocketed to $59.9 billion at the height of the XRP rally. According to Forbes, as of 2022, the co-founder has a net worth of approximately $3 billion. CEO Brad Garlinghouse, who joined Ripple in April 2015, owns a 6.3 percent stake in the company alongside his “nine-digit” personal XRP stance.
McCaleb, who left Ripple in 2014 after falling out with other executives, finally emptied his wallet on Sunday, ending his eight-year sales streak, according to XRP Scan data. The news was welcomed by community members. Because that means there will be much less selling pressure on the token. McCaleb sold about one-fifth of the token’s total supply over an eight-year period.
Ripple ex-manager emptied his wallet
Meanwhile, former Ripple manager Jed McCaleb finally ended the eight-year dump of Ripple (XRP) assets. Only 46.7 XRP left in the famous “~tacostand” wallet. According to blockchain explorer XRP Scan, the former Ripple founder made the last transfer of 1.1 million XRP worth $394,742.18 on Sunday morning. Hours later, the account performed an “account deletion”. So the account will no longer be on XRP’s ledger.
The transaction marks the end of the 9 billion XRP sale initiated by McCaleb after he left Ripple Labs in 2014 to set up rival payment protocol Stellar. The amount McCaleb has sold over the past eight years represents about 18.6 percent of the total circulating supply of XRP. As we reported on cryptokoin.com, on Friday, a “satirical” article from The Crypto Town Crier led some to believe that McCaleb has decided to hold on to his last five million XRP “just in case.”
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