The XRP community spent the last week closely monitoring the wallet of Chris Larsen, one of Ripple’s co-founders. The wallet which was dormant for 11 years since 2013, suddenly became active. It transferred 50 million to an anonymous new wallet.
The XRP community began closely following these $29.12 million funds as to where are they going next.
Where are the funds going?
According to an X user under the name “XRP wallets”, these funds were sent to the world’s largest exchange, Binance. Initially, it was speculated that the transfer could be for Ripple’s ODL service.
However, considering the subsequent transfers, it was found that the purpose was something different. In the subsequent days, parts of this volume of XRP were sent to sites such as Bittrex and Coinbase, where 30 million tokens were sent today.
Such manipulation of large amounts of tokens is causing restlessness and discontent within the community. Notably, the community is mostly made of simple retail users, who are unlikely to hold such large amounts of cryptocurrency.
Larsen’s plan is not clear which has left many wondering what his next step could be. It is not known whether he is going to “cash out” of these positions, i.e., sell all those XRP, or if the tokens will actually be included in the ODL settlement.
On the other side, some users also wondered if Ripple’s cofounder account had been hacked, which happened earlier this year. However, back then Larsen had immediately given clarifications. But he has not yet remarked on the current developments.
