Some of the XRP tokens transferred by the Ripple chairman appear to be heading to centralized exchanges for possible sales.
Chris Larsen continues to move millions of XRP from one of his addresses with the ultimate goal of monetizing it. Recall that last week The Crypto Basic confirmed that the Ripple co-founder transferred 50 million XRP from his account to a new unknown wallet.
Ripple Chairman Transfers 5 Million XRP to Binance
Notably, this new wallet, after holding onto these tokens for four days, eventually transferred 20 million XRP to another address, rHo…Spm, in four batches of 5 million XRP each, as The Crypto Basic reported three days ago.
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After investigating rHo…Spm’s behavior patterns, The Crypto Basic said that the 20 million XRP tokens may flow to the centralized exchange Binance. This address has been transferring millions of XRP to Binance in recent months.
Now, the latest news is that this has been achieved. Less than 24 hours after receiving the 20 million XRP, rHo…Spm transferred the assets to another address, rJY…kA2, as people speculated. This address now has 5 million XRP transferred to Binance, and the remaining 15 million XRP has been transferred to an address activated by Bittrex.
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However, based on behavior consistent with this Bittrex activation address, blockchain data shows that the remaining 15 million XRP will also go to Binance. This address has consistently transferred millions of XRP to Binance shortly after receiving the assets.
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Larsen’s XRP Funds Flow
Notably, this fund movement is particularly noteworthy because it is the first time Larsen has moved XRP from the origin address in 11 years. The address received 500 million XRP when it was activated in 2013, which is part of the tokens allocated to Larsen.
It had been holding onto those tokens until the recent outflow of 50 million, leaving 45 million XRP. Soon after the transaction took place, some speculators raised the idea that the action could be the product of a hack. This is because a similar situation occurred with one of Larsen's wallets in February.
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However, The Crypto Basic points out that this is unlikely to be true, as the first receiving address is associated with the primary address. It’s been over a week since the outflow of 50 million XRP, and even though the transaction has attracted media attention, the Ripple chairman has not caused any alarm. This confirms that he authorized the flow of funds.
As of the time of reporting, the first receiving address rao…gzS still holds the remaining 30 million XRP, with only 20 million XRP in transfer. However, initial observations suggest that the remaining 30 million XRP may also flow to Binance.
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