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Ripple co-founder’s wallet sends $26 million in XRP to Coinbase as token nears all-time high
Uncover insights in the Bitcoin house. This article dives into: “Ripple co-founder’s wallet sends $26 million in XRP to Coinbase as token nears all-time high”.
Key Takeaways
- Chris Larsen’s wallet despatched $26 million in XRP to Coinbase as the token approached its all-time high.
- This switch stirred hypothesis due to earlier inactivity and a historical past of main hacks affecting Larsen’s accounts.
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A crypto wallet related to Ripple co-founder Chris Larsen transferred 9.5 million XRP tokens value over $26 million to Coinbase earlier this week, in accordance to knowledge from XRPSCAN.
The transfer got here simply earlier than XRP’s value started to surge. Around the time of the switch, the token was buying and selling at about $2.8 per CoinGecko. It later jumped over $3 and prolonged its rally to $3.3, a ten% achieve in below 10 hours.
At the time of writing, XRP was buying and selling round $3.2, solely 6% beneath its all-time high.
The sending deal with belongs to a gaggle of wallets linked to Larsen that moved $109 million in XRP to exchanges in January 2025, as beforehand recognized by on-chain researcher ZachXBT.
These wallets had remained inactive for not less than six years. ZachXBT prompt Larsen might have misplaced entry to them. The growth follows a January 2024 safety breach the place Larsen misplaced $112 million in XRP via a hack related to a LastPass safety incident from 2022.
The stolen funds from the January hack had been quickly distributed throughout a number of crypto exchanges, together with Binance, Kraken, and OKX. While exchanges like Binance froze $4.2 million value of stolen XRP, attackers had already laundered or transformed a considerable portion of the funds.
The newest wallet motion has led to hypothesis about potential liquidation, as transfers to centralized exchanges usually precede gross sales.
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