Ripple Has Unlocked 1 Billion XRP From Its Escrow Wallet

News / 03.05.2020

People have been criticizing Ripple for unlocking its token at the beginning of every month. Just as the month of May began two days ago, the company has unlocked another 1 billion XRP from its escrow wallet.

As anticipated, in three tweets, Whale Alert reported that the firm has unlocked more tokens. The three tweets noted the transfer of Ripple 500,000,000 (107,272,434 USD), 400,000,000 (85,856,924 USD), 100,000,000 (21,551,122 USD) from Ripple Escrow wallet, respectively.

This is a total transfer of 1 billion XRP in three separate transactions. Based on the current prices, the value of the total XRP unlocked this month is about $220 Million. It is not clear why the Ripple team needs such sum of money every month.

Apart from the 1 billion XRP transfer, Whale Alert also reported in another tweet that a Ripple co-founder (Jed McCaleb) received 55M XRP as part of his settlement:

“55,079,321 #XRP (11,865,434 USD) transferred from Jed McCaleb Settlement to Jed McCaleb wallet”

Last month, Whale Alert also reported that Jeb McCaleb received 63M XRP. He is said to have more than 4.7 billion XRP; hence, he is among the wealthiest individuals in the cryptocurrency space.

“63,704,590 #XRP (12,293,769 USD) transferred from Jed McCaleb Settlement to Jed McCaleb wallet”

In spite of the criticisms surrounding Ripple’s monthly token unlocks valued at hundreds of millions of dollars based on current prices, no one knows what they do with them. Some individuals have accused the company of dumping its holdings monthly, like the PLUS Token scam. It is such that some leading exchanges have mocked the company.

In recent times, Ripple attempted to showcase itself with a high-profile lawsuit against YouTube. Ripple sued YouTube for promoting scams related to XRP on its website. It was allegedly noted that YouTube livestreams were faking Ripple sponsorships and stealing funds. As of now, YouTube is yet to respond to the lawsuit.

Source: Cryptopress.

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Sudarshan M is a long time crypto-enthusiast. Pulled in by bitcoin early on, it did not take long for Sudarshan to divert all of his academic attention from business studies to blockchain by doing his Masters and eventually pursuing his PhD in the subject.