A New York Observer investigation details alleged interpersonal conflicts between Ripple Labs and Stellar founders Jed McCaleb and Joyce Kim, claiming the feud disrupted crypto adoption efforts at Wells Fargo and derailed a Stripe acquisition deal.
The New York Observer published a 15,000-word investigation examining tensions between Ripple Labs and Stellar, focusing on founder Jed McCaleb and executive Joyce Kim. The report alleges their personal relationship complicated Ripple's operations, leading McCaleb to leave and found Stellar. According to the article, Wells Fargo disbanded its cryptocurrency task force partly due to McCaleb's Mt Gox association, and a proposed $13 million Stripe acquisition of Ripple fell through amid internal turmoil. The piece also questions Stellar's non-profit status and suggests regulatory scrutiny may follow. Multiple parties, including McCaleb, Frank Rimerman accounting firm, and others, disputed the article's accuracy and context.