4.1 Billion XRP Moved from Bittrex Within Hour, Here’s What May Be Happening – Crypto News – Crypto News
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4.1 Billion XRP Moved from Bittrex Within Hour, Here's What May Be Happening 4.1 Billion XRP Moved from Bittrex Within Hour, Here's What May Be Happening

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4.1 Billion XRP Moved from Bittrex Within Hour, Here’s What May Be Happening – Crypto News

Published

3 years ago

on

Yuri Molchan

Over past 60 minutes, staggering amount of XRP has been moved from Bittrex address

Contents

As reported by Whale Alert cryptocurrency tracker, over the past hour, slightly less than a dozen transactions, carrying a total of 4.124 billion XRP coinswere spotted.

Per the aforementioned source, all these funds were moved from top US-based cryptocurrency exchange Bittrex.

4 billion XRP leaves Bittrex exchange

Seven transactions out of those ten carried half a billion XRP each, and each of the other two transferred 300,000,000 and 324,254,650 XRP. That adds up to more than 4.1 billion XRP in all. This amount of XRP is valued at roughly $1.5 billion.

Whale Alert has tagged the sending wallet as one that belongs to major crypto exchange Bittrex. All of the transfers were sent to wallets marked as “unknown” by Whale Alert.

However, details provided by Bithomp, an XRP-focused wallet tracking platform, show that the receiving addresses were set up by Upbit, a major South Korean crypto exchange.

The astonishing total amount of XRP transferred here, though, seems to be more than just withdrawing funds by an individual and was probably made by a financial institution — unless Bittrex was operating as an XRP custodian for Upbit, and now the exchange is withdrawing its Ripple -affiliated tokens, moving them to their own wallets.

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Image via Twitter

1 billion XRP moved by Ripple Labs giant

As covered by U.Today earlier, on Dec. 1, Ripple fintech behemoth made a scheduled automated withdrawal of one billion XRP from escrow. It was one of the manifold escrows set up by the company in 2017 to begin regular monthly withdrawals in early 2018 in order to support the coin’s liquidity on exchanges and send a portion to Ripple’s partners and customers.

Initially, Ripple created 55 escrows to withdraw 55 billion. This makes the final release sometime in the middle of this year, but Ripple still continues to remove a billion XRP from escrow wallets monthly.

Over the past couple of years, Ripple has been locking 300,000,000 or 200,000,000 XRP back in escrow after each withdrawal, thus injecting around 800-700 million XRP onto the market.

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