Jed McCalebs XRP Feud: Ripple CTO Exposes Shocking Details
Key Takeaways:
- Jed McCalebs exit from Ripple and the founding of Stellar remain controversial.
- Ripple CTO David Schwartz claims McCaleb tried to harm XRP before launching Stellar.
- McCaleb denies the accusations, citing leadership conflicts and a different vision.
A fresh wave of controversy has erupted between Ripple and Stellar following a claim by Panos, co-founder of Anodos Finance, that Jed McCaleb, one of Ripples original creators, attempted to sabotage XRP before leaving to establish Stellar.
His post on X echoed Ripple CTO David Schwartzs long-standing stance that McCaleb launched Stellar based on ideas Ripple had previously rejected. Schwartzs comments, first made in 2018 and recently updated, alleged that McCaleb had pushed for a failed Facebook giveaway and other proposals Ripples board dismissed.
According to Schwartz, when McCalebs ideas didnt materialize at Ripple, he left and implemented them at Stellar. He also accused McCaleb of trying to dump his XRP holdings in a manner that could have harmed Ripple, forcing the company into legal action. Schwartz argued that despite McCalebs attempts, his XRP holdings would still likely exceed $1 billion, making him one of the wealthiest figures in crypto.
McCalebs XRP Exit and Response
McCaleb refuted Schwartzs claims, stating that when he left Ripple, the board consisted only of himself and CEO Chris Larsen. He asserted that his departure had nothing to do with rejected ideas but was due to conflicts with Larsen, making it impossible to continue working together.
Answering allegations that he had tried to harm Ripple, McCaleb said he had been extremely restrained in his criticism even after being sued and attacked personally. He rejected the argument that Stellar was simply a copy of Ripple, saying Stellar had always been aimed at financial inclusion and cross-border payments.
He also addressed Stellars initial token distribution plan, such as the Facebook giveaway, by stating the software wasnt prepared then, but another such endeavor would be tried again down the road.
McCaleb explained that Ripple and Stellar had divergent goals, and he could not understand why animosity still existed between them. He pointed to the partnerships that Stellar had, particularly with IBM, as proof that it had its own path separate from Ripple.
The XRP Feud That Wont End
Schwartz, nevertheless, was not convinced. He accused McCaleb of launching a rival company rather than resolving internal conflicts in a proper manner. In Schwartzs view, McCaleb betrayed Ripple employees and investors by trying to sell his stakes while also attacking the company. He asserted that there was no plausible explanation for McCalebs actions.
The squabble among Ripple and Stellars founders has defined the narrative surrounding both networks for years. Though both have achieved a great deal of success, the personal and professional animosity between McCaleb and Ripples leadership is an indelible part of their histories. Its unclear whether this disagreement will have lasting implications for XRP and XLMs futures, but the acrimony between their creators is far from resolved.
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Read more: https://www.tronweekly.com/jed-mccalebs-xrp-feud-ripple-cto-exposes/
Text source: TronWeekly
