Crypto traders are currently trying to make sense of a recent XRP transfer involving co-founder Chris Larsen. According to posts on XRPChat, an XRP-centered social platform, over 30 million XRP coins were moved to a wallet identified as Funding Wallet1 at the beginning of October. The wallet is owned by Ripple Co-founder Chris Larsen. The coins were estimated to be worth a whopping $7.3 million at the time of the transfer.
The logic behind this massive transfer is still unknown. Recent data also confirmed that it was the biggest transfer to Larsen’s XRP account ever. Larsen is currently part of Ripple’s board of directors. He was also ranked as one of the 400 wealthiest Americans with a net worth of $2.1 billion. The XRP transfer came on the backdrop of another stunning development as Bitcoin whales also moved significant amounts of coins.
Over a period of 24 hours only, over 8,722 BTCs were exchanged. The coins were valued at the time to a tune of $70.4 million. Interestingly though, there was one single BTC transaction that moved 2,000 coins valued at nearly $16 million. A closer look at the BTC movements also showed that whales were moving coins to the exchanges. This could indicate they are planning to cash in on their assets.