Crypto News

A whale moves over 240 million XRP, valued at around $127 million

Array
A recent bank audit revealed a $127 million whale transaction involving 240.85 million XRP

A recent bank audit revealed a $127 million whale transaction involving over 240 million XRP. Whale Alert, a blockchain monitoring service, said that Coincheck, a major Japanese cryptocurrency exchange, transferred the transaction to an unknown wallet.

Blockchain data show the transaction occurred at 07:13 UTC today. Incredibly, the identical recipient wallet was engaged in another large transfer days before.

On Monday, Crypto Basic revealed that Coincheck sent 250,000,000 coins worth $129,015,796 to the same wallet address. This continuous trend of high-volume transfers to the destination address has drawn bitcoin community attention.

The recipient wallet was enabled by Coincheck in February 2024. Since then, the Japanese exchange has sent substantial XRP transactions to the address.

Records show that Coincheck owns the wallet, suggesting in-house transactions. Since activation, the wallet has only sent 300K XRP, raising suspicions about its purpose and the cash’ destination. The wallet has 602 million XRP tokens.

The latest whale purchase occurs during a market lull as XRP struggles to sustain its position above $0.53. Over the last 24 hours, XRP has dropped 1.95% to $0.5248. In the previous 24 hours, XRP trading volume dropped 30.05% to $1,128,713,764.

Tags

I am a dedicated crypto and blockchain content writer who is vision-oriented, diligent, smart, and self-motivated. I have over a decade of self-writing experience and five years of experience as a professional writer. I hope to inspire other women into this ever-evolving field.