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Hundreds of Millions of XRP Moved from Binance, Here's What Happened Here

Thu, 11/17/2022 - 12:58
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Yuri Molchan
Staggering amount of XRP has been transferred from largest crypto exchange by anonymous holders
Hundreds of Millions of XRP Moved from Binance, Here's What Happened Here
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Whale Alert blockchain tracking service has spread the word about a massive lump of 350 million XRP getting shifted from Binance exchange.

Whales and exchanges move 465 million XRP

This amount of crypto is worth a whopping $134,818,654. The transaction was made on Nov. 16.

Overall, XRP whales have been quite active in the past few days; on Wednesday, approximately half a billion Ripple-affiliated tokens were transacted in total. This includes the aforementioned transfer from Binance.

Earlier today, Whale Alert also spotted three transactions, carrying a total of 115 million XRP in lumps of 30 million and 40 million coins.

Data provided by XRP-centered Bithomp stated that the 350 million transfer was conducted by Binance. Also, Kraken exchange moved 30,000,000 internally, as well as Ripple's Mexico-based ODL platform Bitso. The latter shifted 40,200,000 XRP between its wallets.

A total of 45,000,000 coins was wired from a Bittrex wallet to Bitso exchange. This makes a total of 465 million XRP transferred in the past 24 hours, per Whale Alert data.

Related
XRP Standard to Be Used by Major Commonwealth Bank: Details

"If Binance collapses, it's pretty much game over": DOGE creator

Dogecoin co-founder Billy Markus has recently made yet another comment on the recent collapse of the FTX exchange after its founder Sam Bankman-Fried filed for insolvency.

Markus tweeted that should the same happen to Binance exchange or even to Tether stablecoin, this would be a deadly blow to the cryptocurrency market — "If either does, it's pretty much game over" is how he chose to put this.

He tweeted that the whole crypto market is heavily centralized, which makes it pretty weak.

As a reminder, there was a moment when Binance offered a bailout to FTX, and CZ singed a nonbinding letter of intention, leaving himself a chance to withdraw from the deal at any moment. He did so when he realized that the problems of the exchange are beyond Binance's ability to help.

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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.