Anonymous Whale Withdraws Over 4 Billion XRP From Bittrex

Single whale withdraws 4.1B XRP from Bittrex to different unknown wallets.

According to data shared by Whale Alert, there have been massive XRP outflows from prominent cryptocurrency exchange Bittrex.

In one hour, an unknown XRP whale withdrew a total of 4,124,254,650 (4.12 billion) XRP from an address on the Bittrex cryptocurrency exchange. Notably, the Bittrex user has transferred huge amounts of XRP coins to different external wallet addresses.

Details of the Transactions

Forty minutes ago, one of the whales transferred 300 million XRP worth $113.13 million to an unknown address.

? ? ? ? ? ? ? ? ? ? 300,000,000 #XRP (113,132,535 USD) transferred from #Bittrex to unknown wallethttps://t.co/kvwjIeW08A

— Whale Alert (@whale_alert) December 7, 2022

Two minutes later, the same user sent 500 million XRP ($188.5M) to another unknown wallet from Bittrex.

? ? ? ? ? ? ? ? ? ? 500,000,000 #XRP (188,507,036 USD) transferred from #Bittrex to unknown wallethttps://t.co/JpiN4eQ6mh

— Whale Alert (@whale_alert) December 7, 2022

The transaction kept coming as the same user transferred another 500M XRP to a different address two minutes later. This time, the value of the transaction was worth around $188.59M.

? ? ? ? ? ? ? ? ? ? 500,000,000 #XRP (188,596,769 USD) transferred from #Bittrex to unknown wallethttps://t.co/XCIABYlU5q

— Whale Alert (@whale_alert) December 7, 2022

A minute later, the same address also moved another 500M XRP tokens ($189.39M) from Bittrex to an unknown wallet.

? ? ? ? ? ? ? ? ? ? 500,000,000 #XRP (189,399,178 USD) transferred from #Bittrex to unknown wallethttps://t.co/66uifdfhXQ

— Whale Alert (@whale_alert) December 7, 2022

Another 500M XRP coins worth $187.81M were withdrawn from the Bittrex address by the same anonymous whale.

Furthermore, the user transferred 500M XRP worth $188.35M to another unknown address minutes later.

? ? ? ? ? ? ? ? ? ? 500,000,000 #XRP (188,355,483 USD) transferred from #Bittrex to unknown wallethttps://t.co/IkmoFxoP3Y

— Whale Alert (@whale_alert) December 7, 2022

Whale Alert further reported that the user transferred 500M XRP to an unknown wallet within the hour, while another 500M XRP coins were sent to an anonymous wallet a few minutes later.

Finally, the last XRP transfer from the Bittrex wallet saw the user move 324,254,650 coins ($123.2M) to an anonymous wallet.

Data from Bithomp shows that the Bittrex address from which the withdrawals were made currently holds only 19.99 XRP coins.

XRP Holders React and Possible Reason for the Huge Transfers

Interestingly, the transactions have drawn the attention of XRP holders, who were amazed by the huge transfer of the crypto asset.

Wtf is going on

— You are a security – GaryGenslerResign (@SecuritiesJudge) December 7, 2022

It bears mentioning that one of the factors responsible for the large XRP movement could be linked to the FTX collapse. Recall that the leading crypto exchange suffered a massive collapse due to the alleged mishandling of customers’ funds. The exchange filed for Chapter 11 bankruptcy protection, leaving over one million customers stranded and unable to access their funds.

Following the FTX debacle, crypto users no longer store their assets on exchanges to avoid being victims of future exchange collapses. The Bittrex user could anticipate a win for Ripple in the company’s ongoing lawsuit against the SEC. Several crypto-legal experts, including attorney John Deaton, believe Ripple is better at winning the SEC in the lawsuit.

A win for Ripple would see major U.S.-based exchanges re-list XRP, thus causing the asset’s price to soar tremendously. However, should the blockchain company lose the lawsuit, the XRP price is expected to suffer a massive dip.