In this transaction, Ripple Chairman Chris Larsen transferred 20 million XRP from a previous shuffle of 50 million tokens.
Given past transaction history with the recipient address, it is speculated that the destination is likely Binance, but this has yet to be confirmed.
XRP Whales Cause Controversy with Larsen's Mass Transfer
In the early morning hours of September 16th, one of Larsen's wallets was Send 50 million XRP This is the first large transfer since the cryptocurrency was created in 2013. The transaction activated a new address with 11 XRP and subsequently transferred 50 million tokens, some of which were recently transferred to another wallet.
40 Million XRP Moved Within An Hour, Sending Whales into a Frenzy In a series of transactions on September 20th, address rao…gzS transferred 20 million XRP in four batches of 5 million tokens each to unknown wallet rHo…Spm between 18:25 and 18:30 UTC.
With these moves, rao…gzS still holds 30 million XRP of the initial supply of 50 million XRP it previously received. The destination wallet, rHo…Spm, currently holds 20 million XRP, but its transaction history suggests it may well be releasing more into the market soon.
XRP Hack Concerns Resurface Amid Binance Transfers
He is also known for amassing large amounts of XRP from multiple addresses and storing it for a while before transferring it to Binance, which has led many to speculate that the recent transfer of 20 million XRP from Chris Larsen is destined for Binance.
Some have suggested the activity could be linked to a hack, with a similar transfer from another of Larsen's wallets confirmed to have been made as a result of a hack in February that saw 212 million XRP stolen by hackers.
Recently, new rumors of a new hack have surfaced as several tokens were moved to various addresses. These rumors appear to be untrue as the first transactions were made almost five days ago and Larsen has not said anything about an exploit.
Meanwhile, the tokenization of real-world assets (RWAs) is accelerating as industry giants start to shift their focus to the latest blockchain trend. Skybridge Capital founder Anthony Scaramucci said at the Breakpoint 2024 conference that tokenization will play a big role in validating transactions and that Solana will play a key role in the future of tokenized assets.
Teuta
Teuta is a veteran writer and editor with over 15 years of experience in the macroeconomics, technology, cryptocurrency and blockchain industries. He began his career in 2005 as a lifestyle writer for Cosmopolitan Croatia, before moving on to cover business and economics for several well-known publications, including Forbes and Bloomberg. Inspired by figures such as Don Tapscott and Bruce Dickinson, Teuta believes cryptocurrency to be one of the most important inventions of mankind and embraced the blockchain revolution. In 2014 he began his involvement in fintech, focusing on cryptocurrency, blockchain, NFTs and Web3. Known for his excellent teamwork and communication skills, Teuta holds a Masters in Political Science and Law, and enjoys punk rock, Chablis and is a shoe lover.
Disclaimer: The presented content may contain the personal opinions of the author and are subject to market conditions. Please conduct market research before investing in cryptocurrencies. The author or publication is not responsible for any personal financial losses.
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