Binance Witnesses Massive Outflow of 100,614,759 XRP to Unidentified Wallets
Whale Alert, a popular community tracker, has noticed a significant transfer of XRP tokens from Binance to anonymous destinations in recent hours.
The first transaction involved the movement of 50,307,383 XRP from Binance to an XRP wallet with the initials “rarG6FaeYh.” This transfer took place on May 31, at 23:40 (UTC), just moments before the start of the new month. The total value of the XRP assets transferred amounted to $26,081,749 at the time.
100M XRP Taken out of Binance
An hour later, another 50,307,376 XRP, equivalent to over $26.08 million, left Binance for an unidentified wallet. In total, Whale Alert recorded the movement of 100,614,759 XRP valued at $52,125,759 from Binance to two anonymous wallets.
Investigating the Anonymous Wallets
An analysis of blockchain data suggests a potential link between two anonymous XRP wallets and the well-known cryptocurrency exchange, Binance. Interestingly, Binance activated both of these wallets exactly five months ago.
Furthermore, upon examining the transaction history of these wallets, it appears that frequent, small-scale transfers to various platforms have occurred, often taking place within minutes of each other.
421M XRP Transferred in Two days
In addition to Binance, other major trading platforms have also witnessed significant XRP movements by whales.
Last Thursday, the tracking service Whale Alert detected transfers totaling 58,190,000 XRP from undisclosed wallets to centralized exchanges Bitstamp and Bitso.
On the same day, prominent U.S.-based exchange Kraken moved a staggering 262,575,885 XRP, valued at over $137.2 million, to an unknown wallet in a single transaction. This particular transfer attracted considerable attention within the community, evident from the 150K interactions on the Whale Alert tweet.
Interestingly, these significant XRP transfers coincided with a decline in XRP’s price to $0.5136 on the same day.
Notably, over the past two days, as the value of XRP has dropped, there have been substantial movements of XRP involving major exchanges, totaling 421,380,644 XRP tokens transferred.
Ripple Expected to Follow Suit
Meanwhile, the cryptocurrency market is anticipating further XRP movements in the coming hours, this time from prominent crypto payment firm Ripple. Ripple is set to release 1 billion XRP from escrow at the start of June. However, Whale Alert has not yet recorded this release.
Traditionally, after such an escrow release, Ripple re-escrows 800 million XRP and utilizes the remaining 200 million for operational expenses. This pattern was observed on May 13 and May 20, when Ripple transferred 150 million and 50 million XRP, respectively, to an external wallet.