An anonymous XRP address associated with the prominent Japanese exchange Coincheck has acquired over 361 million XRP through a series of inbound transactions.
Whale Alert has raised awareness of the massive movement of XRP assets from Coincheck to an anonymous destination. The latest movement involved 250,000,000 XRP sent from Coincheck’s wallet to the unnamed address under scrutiny. This transaction occurred early today at 05:56 UTC, commanding a monetary value of $129,015,796.
🚨 🚨 🚨 🚨 🚨 🚨 250,000,000 #XRP (129,015,796 USD) transferred from #Coincheck to unknown wallethttps://t.co/qdVQhR7F9Z
— Whale Alert (@whale_alert) May 20, 2024
Whale Amassed 361M XRP from Coincheck
Notably, Coincheck’s XRP movement has garnered significant attention in the crypto community as members ponder the entity behind the destination wallet. A quick scrutiny of blockchain records revealed that the destination of the 250 million XRP is affiliated with Coincheck.
In particular, the Japanese exchange activated the wallet in February, three months ago. Since then, the wallet with the initials “r99QSej32” has continuously received millions of XRP from Coincheck. The address has had no outflow transaction.
Meanwhile, since its activation three months ago, wallet “r99QSej32” has not received a significant inflow of XRP until this month. Coincheck first sent 1 million XRP to the address on May 9, and four days later, it took a store of 10 million XRP.
Later, the Japanese exchange again topped up the 11 million XRP balance with 100 million XRP. Notably, other below-a-million XRP inflows from Coincheck have also been observable within the past few days.
With the new 250 million XRP delivered to wallet “r99QSej32,” the anonymous address now commands an XRP balance of 361,680,560 tokens.
Ripple Moves Out 50M XRP
Meanwhile, Coincheck is not the only platform moving millions of XRP to unknown wallets. Just an hour ago, Ripple transferred 50,000,000 XRP worth over $25.7 million to an anonymous destination.
🚨 🚨 50,000,000 #XRP (25,697,410 USD) transferred from #Ripple to unknown wallethttps://t.co/584VLpD7yH
— Whale Alert (@whale_alert) May 20, 2024
The latest transaction from Ripple comes a week after the payment firm moved to cash out over $100 million XRP, sending it to an external wallet. The Crypto Basic called attention to Ripple’s sell-off move in a separate report.
It is worth noting that these significant movements are occurring amid XRP registering a 2% loss within the last 24 hours — although the asset has held a positive gain in its weekly performance.
Meanwhile, Whale Alert has documented inflows of over 100 million from anonymous wallets to exchange Bitso and Bitstamp in the last few days.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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