Hundreds of Millions of XRP Shifted, Mainly from This Troubled Exchange: Details

Hundreds of Millions of XRP Shifted, Mainly from This Troubled Exchange: Details

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Yuri Molchan

Close to three hundred million XRP wired earlier today, according to recently shared data


As XRP token has gradually resumed growing but is so far stuck at the $0.40 level, whales continue to move staggering amounts of this crypto asset, trading it or redistributing their riches.

Over the past 10 hours, large crypto holders, widely known as whales in the crypto space, have transferred more than 260 million XRP in just a few transactions, according to data provided by Whale Alert. The largest portion was shifted by Bithumb exchange, whose owner has again gotten in trouble with the authorities.

263 million XRP shifted mostly from Bithumb

According to the popular cryptocurrency tracker mentioned above, over the past 10 hours, four large amounts of XRP have been moved. Whale Alert has marked the majority of the participating wallets as anonymous.

However, it then provided some more details, showing that the largest transfer here, carrying 160,000,000 XRP, was made by major South Korean crypto exchange — Bithumb — internally, between its own wallets.

Another internal transfer here was made by the Bitso exchange, which is a major Ripple partner in the Latin America region, where it is doing its best to spread Ripple’s ODL technology (On-Demand liquidity) that enables quick and cheap cross-border payments and remittances. Bitso transferred 39,500,000 XRP from one its address to another.

There two remaining transfers, which carried 30,000,000 and 33,000,000 XRP, were made by whales from the U.S.-based Bittrex exchange. These two lumps of XRP were sent to Bitstamp and Bitso (again).

In total, 262.5 million XRP was transacted; this amount is equal to $107.7 million in fiat.

Arrest warrant against Bithumb owner requested

As U.Today reported on Thursday, the recent story with Bithumb’s chief has taken a new turn. The Seoul Southern District Prosecutors Office made a request to receive an arrest warrant for Kang Jong-Hyeon, “secret chairman.”

Kang and a few other executives of Bithumb have recently faced several charges, including embezzlement.

The actual owner of the crypto giant, Lee Jung-hoon, faced the risk of spending eight years in prison as was requested by prosecutors in October. They charged him with committing fraud on a massive scale back in 2021.

He was, however, released as 2023 started, right after it became known that Park Mo, vice president of Bithumb’s largest shareholder, Vidente Co, committed suicide by jumping out of his apartment window in the middle of an embezzlement and stock manipulation investigation.

Compiled by Metacrunch. Metacrunch is a news complier and aggregator platform which aims to spread awareness and updates on Metaverse, Web 3.0 Technology, Blockchain, Cryptocurrency, NFTs, Airdrops and many more.

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