Ripple’s Executive Chairman, Chris Larsen, has made another significant XRP transfer, moving 20 million tokens from his wallet just days after a 50 million XRP shuffle.
The movements have triggered widespread speculation across the cryptocurrency community, sparking concerns about a possible hack or connections to Binance, a prominent crypto exchange.
This latest 20 million XRP transfer follows a previous shuffle of 50 million tokens, making it one of the largest recent XRP transactions from a known Ripple figure. Market analysts and traders are closely watching these moves, which come at a time of heightened scrutiny for high-volume XRP transfers.
According to transaction data, the funds were sent to an unidentified wallet, raising questions about the intended destination. The recipient address has a history of conducting transactions that point to market dumping activities, but no official confirmation has been made yet.
While rumors swirl around the potential involvement of Binance, the lack of any official communication from Larsen has fueled concerns about other possibilities, including a potential hack.
These concerns aren’t without precedent, as a similar incident in February involved the theft of 212 million XRP from another wallet linked to Larsen. However, the timing of this transaction and Larsen’s continued silence make it unclear whether any foul play is involved.
XRP Whales Move Massive Amounts of Tokens
The latest transfer isn’t an isolated event. On Sept. 16, one of Larsen’s wallets moved 50 million XRP, marking the first major transfer from that address since 2013. The funds were partially distributed to a new wallet and split across multiple transactions.
This movement triggered further transactions, with a series of transfers made on Sept. 20, in which 20 million XRP was moved in four separate batches to another unknown wallet.
Blockchain data shows that the first transaction was executed between 18:25 and 18:30 UTC, and more transactions quickly followed. The transferred tokens remain in the recipient wallet, but observers suspect they could be sold off into the market shortly. The original wallet still retains 30 million XRP, leaving market watchers wondering about the next move.
Ongoing Concerns Over Hacks and Binance Connection
Experts in the crypto market keep debating whether these transactions are involved with Binance since the indicated address has a previous history of sending XRP to that exchange. Since Binance has been known to facilitate large transactions of XRP, as some users are thinking, recent movements from Larsen could be part of accumulated movement of trade operations on the exchange.
More worrisome is that there have been rumors of a new hack. Some previous wallet tillings related to Larsen saw a hack some months ago, and concerns are growing about the safety of his funds.
However, the gap between the current transfers and the previous hack casts doubt on whether this is another attack, as five days have passed without any announcements from Larsen.
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