Ripple fintech giant has sent astounding amount of XRP to be locked in escrow
According to recent tweets from the Whale Alert blockchain platform, which tracks large cryptocurrency transactions 14 hours ago, a staggering 700 million XRP was moved into custody by the crypto giant Ripple.
This looks something like what Ripple used to do after unlocking one billion from escrow each month — except that this long-standing procedure stopped a month ago.
In addition, Ripple received 300 million XRP from a wallet that Whale Alert had tagged as “unknown”.
Ripple receives 300 million XRP, locks up 700 million
The abovementioned source tweeted that two massive chunks of XRP, worth 500 million and 200 million coins, were locked in an escrow wallet by Ripple blockchain firm around 14 hours ago.
This process was previously conducted several times when Ripple unlocked a billion XRP tokens on the first day of each new month. One billion will be issued and then around 700 million, or at most 800 million XRP, will be sent back into escrow.
These withdrawals by Ripple were made until October 2022 arrived and, on Oct. 1, no billions of XRP were spotted by Whale Alert leaving escrow. The massive amount of XRP was not unlocked on Nov. 1 either.
Ripple began issuing a billion in early 2018 by sending these funds partly to exchanges, partly to its institutional clients, with the intention of supporting XRP’s liquidity. The company intended to receive 55 billion XRP from escrow.
Whale Alert also reported that Ripple received 300,000,000 XRP from an anonymous address, but the details revealed by Bithomp analytics company show that it was an internal Ripple transfer.
