Ripple Exec Responds to Dump Allegations, Claims XRP Moved to NYDIG Custodian

    Chris Larsen has responded to XRP holders and different cryptocurrency trade observers that declare a latest $115 million transaction was an effort to dump the cryptocurrency available on the market. The Ripple govt chair says the transaction was to the custody supplier, NYDIG.

    Initially, Larsen confronted criticism when phrase of the transaction unfold. However, some met his declare that the virtually 500 million XRP is now in custody with additional suspicion.

    Chris Larsen’s Latest $115 Million XRP Transaction Raised a Few Eyebrows

    On Sept. 22, the Twitter-based, massive cryptocurrency transaction monitoring service Whale Alert (@whale_alert) reported a $115 million XRP transaction. The sender was Ripple govt chair, Chris Larsen, and the recipient was an unknown wallet.

    Many of these responding to the above tweet accused Larsen of dumping XRP available on the market. As BeInCrypto has reported beforehand, such allegations are nothing new.

    Larsen was fast to reply to these suspecting him of cashing out XRP holdings. Just 16 minutes after the unique Whale Alert standing, he tweeted that the transaction was between his personal pockets and one below the management of the digital asset custody supplier, New York Digital Investment Group (NYDIG).

    Claiming to have identified these behind NYDIG “for a while,” Larsen added that they provide top-notch, institutional commonplace security:

    Not Everyone Buying Larsen’s Custody Story

    Despite Larsen’s obvious openness, not everyone seems to be satisfied that the XRP apparently despatched to NYDIG gained’t find yourself available on the market. Cryptocurrency proponent Crypto Bitlord (@Crypto_Bitlord) is amongst them.

    The Twitter consumer alleges that the transaction to a custodian permits the Ripple govt to promote the XRP with out transferring it to an change. Indeed, BeInCrypto has beforehand reported on the sale of cryptocurrencies by way of NYDIG.

    In May 2020, a beforehand unknown NYDIG Bitcoin (BTC) fund reported to the United States Securities and Exchange Commission the sale of virtually $140 million in BTC. That stated, NYDIG does additionally supply the form of institutional-grade custody of digital belongings that Larsen claims to be utilizing.

    Larsen has beforehand been no stranger to controversy concerning his XRP holdings. In October 2019, proponents of the cryptocurrency stated the chief received 30 million XRP.

    According to Bithomp, each the sending and receiving wallets had been activated by Larsen himself with 500 million XRP in 2013. Today, the sending and receiving wallets comprise simply 35.578 million and 106.684 million XRP respectively.

    At the time, Crypto Bitlord seems to have began a marketing campaign to try to stress Ripple to stop dumping its XRP available on the market. Others too have been important of the corporate on comparable grounds:

    XRP had attracted a loyal following all through the 2017 bull market. This allowed it briefly overtake Ether (ETH) because the second largest cryptocurrency in September 2018. However, the asset has largely trended downwards since. This has solely attracted extra neighborhood scorn for Ripple every time a brand new allegation of dumping emerges.

    XRP value is decrease immediately than at Bitcoin’s market backside in Dec. 2018. Source: CoinGecko


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