Ripple wallet funded by McCaleb is now empty
According to observer Leonidas Hadjiloizu, the Ripple wallet, from which funds are transferred to the community-known XRP wallet “tacostand” of former Ripple CTO Jed McCaleb, is empty and will no longer be funded by the company.
The Ripple wallet that funds Tacostand is now officially EMPTY. A year ago this wallet held more than 4 billion XRP.
Tacostand balance: 709,911 million XRP pic.twitter.com / X06WER5Ufj
– Leonidas (@LeoHadjiloizou) September 1, 2021
The Ripple wallet that sent remittances to the company’s co-founder had 4 billion XRP last year.
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The programmer who also founded the now defunct exchange Mt. Gox, Received 9 Billion XRP for Its Role in Starting the Company.
To prevent McCaleb from ultimately crashing the market by selling all of his XRP, Ripple reached an agreement with its former executive to impose restrictions on sales. Deal Helped Provide Predictability, But XRP Has Been Suffering From Lower Selling Pressure For Years.
Currently, the amount of XRP that McCaleb can sell at one time cannot exceed 1.5 percent of the average daily XRP volume.
However, the XRP community will have to wait a bit for McCaleb to stop putting pressure from sellers on the price of the sixth largest cryptocurrency.
McCaleb’s “Tacostand” wallet balance is currently 709,911 million XRP, which is around $ 880 million at time of publication.