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Chris Larsen, Ripple’s Executive Chairman, transferred 20 million XRP in four transactions on September 20. The move followed a 50-million XRP transfer earlier in the month, raising fresh rumors of potential ties to Binance and questions about a possible security breach.
The first significant transfer since its formation in 2013 occurred earlier on September 16th, when one of Larsen's wallets moved 50 million XRP. Part of the fifty million tokens, which had already been moved to another wallet, were sent as part of the transaction, which activated a new address with eleven XRP.
Larsen Moves 50M XRP in Initial Transfer
Between 18:25 and 18:30 UTC on September 20, an anonymous wallet, rHo…Spm, received a total of 20 million XRP coins in four separate transfers, each consisting of 5 million tokens.
From the 50 million XRP he received initially, rao…gzS still has 30 million after these transactions. While rHo...Spm is the current custodian of 20,000,000 XRP. Its trading activity indicates that it might be sold off shortly.
Binance Connection Speculated in XRP Movements
To interact with crypto enthusiasts, Vice President Kamala Harris has arranged crypto-related discussions. Notable American businesspeople, such as Chris Larsen, Ripple's Executive Chairman, have joined her in supporting her endeavors. Anthony Scaramucci has also spoken out in favor of the move, saying that it is a positive development for the sector.
The fact that it is known to gather large amounts of XRP from multiple addresses, store them for a period, and then transfer them to Binance is something else that Coingape explains. So, it's widely believed that Binance may have received the 20 million XRP that Chris Larsen recently sent.
Hack Rumors Surface After Token Movements
Some have postulated a connection between these shifts and the potential breach. After 212 million XRP were stolen in a theft in February, it was determined that similar transfers had occurred from another wallet belonging to Larsen.
Because some tokens have lately changed addresses, new hack suspicions have surfaced. Given that the first transaction occurred about five days ago and Larsen has refrained from discussing any potential exploit, it is highly doubtful that these reports are accurate.
