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By design, any blockchain-based startup should be transparent. This means that every cop enthusiast can monitor transactions within the network and if there are anomalous movements of coins from one address to another, then press the siren more often. This is exactly what happened Tuesday when a user noticed an abnormal XRP movement of billions by changing hands in a few hours.
XRP movement from the account of the founder of Jed
According to the RTXP timbres, the first large-scale move involved a $ 740 million operation where 2.1 billion XRPs were moved from an address: rHYTJDFrbCU1i2yCENTg9yjUrHHGGYTB4D to a recipient: r93oSNBKuFjuKt8GxhF8VYaGzzwsNDPaX5 with the transaction type marked as Payment.
Seconds later, another similar payment hit the network but this time $ 4.6 billion XRP worth $ 1.6 billion at current market rates were moved from the sender: r9kkWNia8PmpR44L7mWZn33Hpff3CCzLjA [19659007] to the recipient: rDbWJ9C7uExThZYAwV8m6LsZ5YSX3sa6US .
For verification purposes, you can verify these transactions: https://xrpcharts.ripple.com/#/transactions/FA7BD9A684010DC448D11824F4D1F0D50A56887D125635A5AF68897B84268666
Now, while the community was curious to know who they were behind these moves and if they came from a commitment or from a founder account, it was discovered that the account: r9kkWNia8PmpR44L7mWZn33Hpff3CCzLjA belongs to Jed MacCaleb and is a Genesis account. Before continuing with its successful start-up, the Stellar network, Jed worked with Ripple and still holds a significant amount of XRP at its disposal.
What XRP means
What is unique about this transaction from Jed is that these 4.6 billion XRPs represent about four percent of the total coins in circulation that flow to a multi-sig account. This is fueling the speculation that Jed might have been bought, but the caveat here is that there is already an agreement between Jed and Ripple. In this agreement, there is a clause that limits the amount of XRP that Jed can dispose of over a seven-year period. As foreseen by the agreement, Jed as one of the founders can only sell up to 2 billion XRP after the seventh year.
Could this final liquidation of Jed open the doors to traditional banks to adopt the XRP, not that there is no one entity that can influence the XRP price?
