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

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Thu, 17/11/2022 - 12:58
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

"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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