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Ripple chairman moves 50 million XRP to new address after 11 years

GrafaGrafa2024/09/17 05:40
By:Liezl Gambe

Ripple Chairman Chris Larsen recently transferred 50 million XRP (CRYPTO:XRP) from his wallet to a new, unidentified address, marking the first significant outbound transaction from this wallet since its creation.

The transfer, valued at approximately $29.12 million, took place on September 16 at 23:17 UTC, according to on-chain data.

The wallet, created in the early days of the XRP Ledger (XRPL) and initially funded with 500 million XRP in February 2013, has largely remained inactive over the years.

This move has attracted attention and speculation within the crypto community.

Until now, Larsen’s wallet had only conducted one minor transaction, moving 1 XRP in December 2017.

The latest transaction was identified by whale tracking service Whale Alert, which noted the substantial outflow from the address.

The funds were transferred to a new address, which was also activated by Larsen’s wallet just minutes before the transfer with an initial 10 XRP.

This series of actions suggests that the movement of funds was likely authorized by Larsen himself.

Speculation initially emerged about the possibility of another hacking incident, particularly given a similar event earlier this year.

In February, one of Larsen's other wallets was involved in a hacking incident where over 212 million XRP was stolen.

However, current evidence suggests that this latest transfer does not appear to be related to any security breach.

The recipient address has retained the 50 million XRP, reducing immediate concerns of a hack.

The reason for this significant transfer remains unclear, leaving room for multiple interpretations.

Some in the community have speculated, albeit jokingly, that the funds could be used to support political campaigns, such as Kamala Harris's, but this is purely speculative.

For now, the exact reason for the transfer remains unknown, with no official statements from Larsen or Ripple regarding the move.

At the time of reporting, the XRP price was $0.5883.

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