Ripple Unlocked 600M XRP But Re-locks 800M: Here’s Why
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- This move comes amid over 200 million XRP stolen from Ripple’s chairman.
- Ripple unlocked 600 million XRP from escrow but re-locked 800 million XRP.
- With the bad actor dumping the stolen XRP, Ripple locked back more tokens than it released.
Ripple has locked 800 million XRP valued at over $400 million in its escrow wallet despite releasing a lower volume for February. Prominent market tracker Whale Alert called public attention to this development in a recent post on X. Per Whale Alert’s data, Ripple initially locked 500 million XRP yesterday at 23:49 (UTC).
— Whale Alert (@whale_alert) February 1, 2024
Additional details from XRP Explorer reveal that the initial movement of 500 million XRP originated from one of Ripple’s wallets, ‘Ripple 23’, to ‘Ripple 11’ before the funds were ultimately locked in escrow.
In the second transaction, as Whale Alert documented, the American crypto payments firm secured 300 million XRP in escrow. XRPScan data indicated that the 300 million tokens were locked in an escrow wallet designated “Ripple 10.”
While Ripple…
The post Ripple Unlocked 600M XRP But Re-locks 800M: Here’s Why appeared first on Coin Edition.
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