Ripple co-founder Jed McCaleb recently took to the X social media network to speak out about his XRP sales.
McCaleb has denied trying to harm investors due to being upset about the decisions of the Ripple team.
The cryptocurrency mogul claims that he told the community that he was leaving the company since he no longer believed in the project. McCaleb claims that his intent was to let people front-run him.
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"The intent was to let people front-run me. The alternative was to sell without telling people. Is that better?" he added.
The 50-year-old entrepreneur also stated that he was never involved in promoting XRP as an investment, which is why he was not targeted by the SEC.
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McCaleb, as one of the company's co-founders, was gifted a total of 9 billion XRPs in 2012. He then left Ripple back in 2013 and went on to co-found Stellar, a competing project, since his vision did not align with that of the company.
In 2014, McCaleb reached an agreement with Ripple to gradually sell his tokens. His initial sales were restricted to $10,000 per week. Ripple then sued McCaleb, accusing him of violating the terms of the 2014 agreement by going beyond the contractual limits. Following a settlement, they reached a new agreement in 2016. The agreement tied McCaleb's sales to XRP's trading volume.
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As reported by U.Today, McCaleb finally ran out of XRPs to sell in 2022.
Ripple CTO David Schwartz previously claimed that McCaleb tried to dump all of his XRPs at once, but the company prevented him from doing this with legal actions. "He will probably be the only person to become a self-made billionaire despite his best efforts," Schwartz quipped in his Quora reply.
A billion-dollar bet on space
McCaleb, who also founded the infamous Mt. Gox exchange, has made a whopping $3.2 billion by selling his XRP holdings and his stake in the company.
The crypto billionaire recently re-emerged in the spotlight after Bloomberg reported that his crypto fortune is now being used for funding the development of the very first commercial space station.
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