700 Mln XRP Moved by Bithumb to Anonymous Wallet for 0.00001 XRP Fee

News
Wed, 06/03/2020 - 10:15
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Yuri Molchan
The Twitter bots that track large crypto transactions, of XRP in particular, Whale Alert and XRPL Monitor, have just noticed 700 mln XRP wired by the Bithumb exchange
700 Mln XRP Moved by Bithumb to Anonymous Wallet for 0.00001 XRP Fee
Cover image via stock.adobe.com

XRPL Monitor has just reported that the major South Korean Bithumb exchange has moved a jaw-dropping amount of crypto – almost 700 mln XRP – to an anonymous wallet.

XRP
Image via Twitter, @XRPL_Monitor

According to the Bithomp website, which offers analytics on XRP transactions, this anonymous address was set up by Bithumb itself. So this may have been simply an internal reshuffling of funds.

699,999,981 mln XRP totals $141,383,381. The fee that Bithumb paid for transferring this enormous amount is only 0.00001 XRP, which no bank would have been able to offer.

Related Ripple Unleashes 1 Bln XRP from Under Lock as First Day of New Month Arrives
Related
Ripple Unleashes 1 Bln XRP from Under Lock as First Day of New Month Arrives

Recently, on June 1, Ripple released its regular amount of one billion XRP from its escrow vault. However, 800 mln of it was sent back on the same day.

The San-Francisco blockchain decacorn conducts this operation regularly on the first day of each month.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.