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Ripple CEO Garlinghouse

Ripple Vs. SEC: Latest Docs Reveal How Much Garlinghouse, Larsen Made Selling XRP

Jake Simmons
by Jake Simmons
2 years ago
·
Posted in Ripple
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

The release of the Hinman documents in the legal battle between Ripple Labs and the US Securities and Exchange Commission (SEC) caused a massive stir in the XRP and crypto community yesterday. The emails revealed that Bill Hinman, the former head of the Division of Corporation Finance Regulation, ignored the directive of other high-ranking SEC members and virtually single-handedly classified Ether (ETH) as a non-security.

While this and his phone call with Ethereum co-founder Vitalik Buterin ahead of the infamous speech are certainly among the biggest revelations from the documents, the extensive collection of documents offers other insights as well, including how much Ripple CEO Brad Garlinghouse and executive chairman Chris Larsen made from selling XRP.

This Is How Much Ripple Execs Made From Selling XRP

The history of Ripple and the distribution of XRP to its founders is opaque to say the least. Initially, Ripple issued 100 billion XRP tokens, of which 20 billion XRP were allocated to founders Arthur Britto, Jed McCaleb and Chris Larsen.

In addition, conjecture suggests that Garlinghouse also received a significant amount of XRP tokens after being installed as CEO. It is also known that Ripple locked 55 billion XRP in escrow in December 2017. Messari also once estimated in 2019 that a further 25 billion XRP was held in accounts that were subject to selling restrictions.

Related Reading: Ripple CLO Demands Answers From SEC Over Hinman Speech Controversy

The SEC provided a little more information. On December 22, 2020, the SEC had announced that it had filed a lawsuit against Ripple Labs Inc. and two of its executives, Garlinghouse and Larsen. The complaint stated at the time that both Ripple executives “are significant security holders.” They made personal, unregistered XRP sales totaling around $600 million, according to the statement of claim.

The latest documents which were released now shed more light on Garlinghouse and Larsen’s profits. Ripple CEO Garlinghouse made a total of around $164.26 million selling XRP from 2017 to 2020. He used 94.86% foreign exchanges and 5.14% American exchanges to sell his XRP tokens.

Related Reading: Ripple CEO Brad Garlinghouse Says Hinman Documents Are “Well Worth the Wait”

The CEO made his biggest sale in 2017 when he netted 25.73% of his total profit and pocketed $42.27 million in a self-directed sale via Bitstamp. The US exchanges Garlinghouse used were Bittrex, Coinbase, Kraken and Poloniex.

This is how much Brad has made selling xrp. pic.twitter.com/p7VrRRTXe9

— 🇺🇸🇩🇴Lex XRP $27 (@Coining203) June 13, 2023

As founder of the company, Larsen has made even bigger money selling XRP. Between 2017 and 2020, the executive chairman earned $453.69 million, using 12.89% American exchanges and 87.11% foreign exchanges for his XRP sales. In total, both Ripple executives earned close to $618 million from selling XRP (slightly more than the SEC’s lawsuit suggested in 2020).

How much Chris Larsen has made selling xrp. pic.twitter.com/DFulRXKf7L

— 🇺🇸🇩🇴Lex XRP $27 (@Coining203) June 13, 2023

At press time, the XRP price was at $0.5022, down 4.8% in the last 24 hours.

Ripple XRP price
XRP price stalls despite Hinman docs, 1-day chart | Source: XRPUSD on TradingView.com
Featured image from VOI, chart from TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Jake Simmons

Jake Simmons

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Jake Simmons has been a Bitcoin enthusiast since 2016. Ever since he heard about Bitcoin, he has been studying the topic every day and trying to share his knowledge with others. His goal is to contribute to Bitcoin's financial revolution, which will replace the fiat money system. Besides BTC and crypto, Jake studied Business Informatics at a university. After graduation in 2017, he has been working in the blockchain and crypto sector. You can follow Jake on Twitter at @realJakeSimmons.

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