Ripple’s Chris Larsen Shakes Up Crypto World with 50M XRP Move After 11 Years

Ripple Chairman Chris Larsen has transferred 50 million XRP from his wallet for the first time in over a decade.

On September 16, 2024, at 23:17 UTC, a notable XRP transaction occurred involving precisely 50 million XRP, valued at $29.12 million. The assets were sent to an unknown address, rao…gzS, which was created specifically for this transaction.

Given the nature of the transaction and the fact that the wallet had held its tokens since inception, there was initial speculation about a possible hack. However, The Crypto Basic has confirmed that this is unlikely.

This situation is reminiscent of a similar incident in February, where funds were transferred from another wallet belonging to Ripple Chairman Chris Larsen. That transfer was indeed the result of a hacking incident, during which over 212 million XRP were stolen.

Speculations and Reactions

The transaction has sparked various speculations within the cryptocurrency community. Some enthusiasts have suggested that the funds might be used to support political campaigns, while others believe it could be a strategic move by Larsen himself.

“Considering the nature of the transaction and the fact that this wallet had retained its tokens since inception, speculation arose regarding the possibility of another hack. However, The Crypto Basic can confirm that this is unlikely.”

On-Chain Data Insights

On-chain data confirms that the transaction involved exactly 50 million XRP, which was moved to an address created specifically for this transfer. The recipient address was activated with 10 XRP just minutes before the substantial transfer, further dispelling concerns of an exploit, reports Cryptobasic.

Community Reactions

🚨 🚨 50,000,000 #XRP (29,120,312 USD) transferred from Chris Larsen to unknown wallethttps://t.co/D9iopMqePM

— Whale Alert (@whale_alert) September 16, 2024

The cryptocurrency community has been abuzz with reactions. Whale Alert, a popular whale tracking resource, indexed the latest substantial outflow from Larsen’s address, highlighting the significance of this move.

“50,000,000 #XRP (29,120,312 USD) transferred from Chris Larsen to unknown wallet,” Whale Alert tweeted.