Data from XRPScan has revealed that Jed McCaleb, who is a former Chief Trading Officer for Ripple, has moved about 222.6 million XRP coins in the last 16 days.
The whale transactions by the crypto enthusiast were made to crypto exchanges with the aim of conversion into fiat. The staggering number of coins has a current market value of about $115.6 million.
Reports indicate that McCaleb, who left the crypto company in 2013, carried out the transactions in two batches where the first was for 18.5M and the second amounted to 9.5M.
McCaleb, who held over a billion XRP now remains with about 383,092,083 XRP, which the crypto community believes he will eventually sell out.
Ripple Intensifies Legal Battle with SEC
The massive dumping by McCaleb comes in the wake of an intensified legal battle between Ripple and the Securities Exchange Commission (SEC). In the latest development, the SEC lawyers are arguing that Ripple is not similar to Bitcoin and Ethereum.
In the case where the regulatory body accuses the San Francisco based company of selling illegal tokens dubbed ‘XRP,’ the crypto network has been struggling to prove that the coin has any utility.
However, Ripple’s legal counsel replied that the coin had use cases that have been under development since 2013. According to the lawyers, the token’s utility was in the fact that banks didn’t need to have a fiat currency but could rely on the cryptocurrency’s network for transactions.