Ripple Cofounder’s Alleged 30 Million XRP Coinbase Move Worries XRP Community

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As a seasoned crypto investor with over a decade of experience under my belt, I have seen my fair share of market fluctuations and unexpected moves. The recent activity in Chris Larsen’s long-dormant XRP wallet has certainly piqued my interest.

Over the last week, we’ve kept a close eye on the wallet of one of Ripple‘s co-founders, Chris Larsen. Interestingly, this wallet, inactive since 2013, suddenly showed signs of activity on September 20, with a transaction of 50 million XRP being sent to an unidentified new wallet.

After that, the XRP enthusiast community started keeping tabs on where approximately $29.12 million in funds were headed next.

It was later discovered that, based on a user named “XRP wallets” on platform X, the Ripple tokens were transferred to the prominent cryptocurrency exchange, Binance. At first, it was believed that this transfer could have been for Ripple’s On-Demand Liquidity (ODL) service.

Larsen transferred the remaining $30 million from his initial $50 million to Coinbase (CB) in increments of $5 million. Then, from that wallet, two transactions were made, one for $10 million and another for $19 million. From this point on, things start getting a bit complex. I was able to track an amount being sent to another CB wallet [which will continue…]— XRP_Liquidity (Larsen/ODL Tracking) (@XRPwallets) September 26, 2024

Based on later transactions, it appears that these transfers served a distinct purpose. Over the subsequent days, portions of the XRP volume were forwarded to platforms like Bittrex and Coinbase, with approximately 30 million tokens being transferred there today.

XRP community raises red flag

It’s not surprising that the handling of vast quantities of data (tokens) in this manner is stirring unease and dissatisfaction among the XRP community, a group predominantly composed of everyday investors with limited holdings of cryptocurrency.

People are curious about Larsen’s intentions regarding his XRP positions: Will he choose to sell them all (referred to as “cashing out”), or will the tokens be part of the On-Demand Liquidity (ODL) settlement? Additionally, there has been speculation among some users if Ripple’s cofounder experienced a hack similar to the incident earlier this year.

Previously, Chris Larsen swiftly made public clarifications and remains silent regarding recent updates.

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2024-09-26 17:24