It Is Finished: Jed McCaleb Completely Empties XRP Wallet

July 18, 2022 10:56 pm Comments

The long-anticipated sell-off of Jed McCaleb’s XRP wallet is finally complete.

Former Ripple co-founder Jed McCaleb has finally put an end to the eight-year process of selling off his holdings of Ripple (XRP) and now only has 46.7 XRP( a value of $16.35) remaining in his well-known “tacostand” wallet.

The blockchain explorer XRP Scan reveals that Jed completed his final outbound XRP transfer on Sunday at 6:31 am, which consisted of 1.1 million XRP and was worth just about$394,742.18 at the time.

A few hours later, the account showed a transaction labeled “Account Deleted,” which indicates that the account will no longer be present on the XRP ledger.

After leaving Ripple Labs in 2014 to help develop the competing payment technology Stellar, McCaleb launched a sell-off of 9 billion XRP, which has now been completed.

Ripple broke the story:

This past weekend, Jed McCaleb sold the last of his XRP in his “tacostand” wallet. For context, he originally owned 9 billion units of XRP in 2012 when the XRP Ledger was created.

Many of you closely follow and are interested in Jed’s XRP holdings, so we wanted to take the opportunity to mark the occasion by providing some background on Jed’s ownership of XRP and the distribution of one of the largest individual holdings of the digital asset.

A Brief History of the XRP Ledger

In 2011, three engineers who previously wrote code for the Bitcoin blockchain—David Schwartz, Jed McCaleb and Arthur Britto—began to develop the XRP Ledger with the goal to create a blockchain more suited for hyper-efficient movement of value, and focused on transaction speed and scalability. When the XRP Ledger was launched shortly thereafter, 100 billion XRP was automatically generated by the XRP Ledger’s code, with the codebase stipulating that no new XRP could be created.

In September 2012, Jed, Arthur and Chris Larsen formed Ripple (the company was called NewCoin, Inc. at the time), and the founders of the XRP Ledger gifted 80 billion XRP to the company. The remaining 20 billion XRP was retained by Jed, Arthur, and Chris.

Jed’s Departure from Ripple & the Creation of an Accidental Billionaire

Months in, it was clear that Jed’s vision and the company’s did not align, which ultimately led to his exit in June 2013. While his role was limited and had no influence on the strategy and operations of the company, he announced his intentions to sell his significant stake of XRP as quickly as possible.

After Jed’s departure from the company, Jed sold XRP into the market with regularity from 2013 through this past weekend.

Bitcoin News added these details:

Last month, it was reported that the co-founder of Ripple, Jed McCaleb was close to emptying his xrp wallet that held 81 million tokens worth $26 million. Following a transaction that saw 3,898,451 xrp transferred out of the address, McCaleb’s wallet is now close to being empty as there’s only 47.6912 xrp worth $17 stored in the wallet today.

Ripple Co-Founder Jed McCaleb Empties the Notorious ‘Tacostand’ Wallet
Onchain data shows the xrp (XRP) wallet called “Tacostand,” is now close to being empty as the owner, Jed McCaleb, has seemingly transferred his entire stash out of the wallet. McCaleb is well known in the crypto industry for co-founding Ripple and in 2014 he left the company to start the project Stellar in 2014.

However, it was well known that after McCaleb left he held roughly 9 billion XRP and he was allowed to sell or transfer the funds under specific withdrawal conditions.

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