286.5 Million XRP Shoveled by Ripple, Coinbase and Other Top-Tier Exchanges
Popular cryptocurrency tracking service Whale Alert has detected that in the past twenty hours, Ripple fintech decacorn and several largest crypto exchanges, including Coinbase and Binance, have transferred a staggering 286.5 million XRP tokens.
Below are the details from Whale Alert and the analytics website Bithomp about those transactions.
Ripple and exchanges shovel 286.5 million XRP
According to Whale Alert that tracks large transfers of various cryptocurrencies, several large crypto exchanges – Coinbase, Binance, Huobi, Bitstamp, Bittrex and Upbit – as well as Ripple blockchain tech provider, have moved an equivalent of $310,783,408 in XRP. It took the participants eleven transactions to move that massive amount of XRP.
Ripple transferred 45,737,504 XRP between its internal wallets and sent 20,000,000 XRP to the Bitstamp exchange, which is its ODL platform in Luxembourg, in two transactions. A total of 55.7 million XRP was shifted by Ripple.
Bitstamp then also moved 18 million XRP to Binance. The largest global digital crypto trader also received 23,999,900 RippleFoundation1 wallet belonging to Ripple.
The largest single amount of crypto contained a transaction made by Coinbase, which moved the coin internally - 61,999,980 XRP (the equivalent of $70,899,304 USD).
The Upbit exchange sent 28.3 million XRP to the US-based platform Bittrex.
SEC threatens to sue Coinbase, Ripple CTO says “sorry, can’t relate”
Earlier today, the Coinbase CEO Brian Armstrong tweeted that the SEC regulatory agency is threatening to sue the exchange over their lending service.
Armstrong posted a lengthy tread on his Twitter page, sharing the details, as well as his indignation about this behavior of the US Securities and Exchange Commission.
The product which has become the reason for these threats from the agency to the public crypto company Coinbase is to go live in just a few weeks. It would allow customers to earn interest on their cryptocurrency assets (while the offering only includes USDC, the stablecoin emitted by joint efforts of Coinbase, Circle and Centre startups).
In the thread, the Coinbase chief complained about the lack of proper crypto regulation in the US, being unable to have a meeting with SEC’s chair Gary Gensler (Armstrong’s suggestion to meet was turned down, basically), lack of explanation why the agency wants to sue them. The only reason mentioned by the SEC is that this lending feature would be qualified as a security. Meanwhile, Armstrong mentioned that other crypto companies have been running similar apps and have not got in hot water with the regulator.
Being sued for offering to customers something that the SEC insists in a security sounds familiar to the XRP community. However, the Ripple CTO David Schwartz commented on that, briefly saying that he “cannot relate” this to the case of Ripple.
Sorry, can't relate. https://t.co/BSBuTOdJyz— Ｄａｖｉｄ Ｓｃｈｗａｒｔｚ (@JoelKatz) September 8, 2021
As a reminder, in January this year, Coinbase was the first crypto exchange to suspend XRP trading after the SEC initiated the legal suit against Ripple in late December.Source