Ripple co-founder responds to market accusations of preparing to dump its XRP coins.
Chris Larsen said he simply transferred $ 115 million of coins to custodian service.
This explanation did not satisfy all community members..
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Ripple co-founder Chris Larsen alarmed the crypto community with a huge XRP transfer, but assured that he was not going to arrange a large-scale dump of coins in the market.
Chris Larsen, billionaire and co-founder of the Ripple project, has assured worried XRP holders and other cryptocurrency market participants that he is not preparing to sell his almost 500 million Ripple coins. He explained that $ 115 million worth of tokens were simply moved from his wallet to NYDIG’s custodian service..
“Where is the business money?”
On the evening of September 22, the crypto community was excited by a message posted on Twitter by Whale Alert (@whale_alert), an analytical service that monitors crypto wallets. According to Whale Alert, a large transaction in the amount of 499,999,979 XRP was seen on the market, which is equivalent to approximately $ 115 million. The sender of the money was Chris Larsen, a well-known in the crypto space. Funds were transferred to an unknown address.
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Ripple Co-Founder ABOUT TO SELL ALL HIS XRP If Nothing Changes
499,999,979 #XRP (115,847,491 USD) transferred from Chris Larsen to unknown wallet
– Whale Alert (@whale_alert) September 22, 2020
Many were quick to suspect Larsen of preparing to get rid of these coins by dumping them in the market. Larsen was quick to respond to criticism in minutes. He posted a response on Twitter, in which he said that he transferred money from his wallet to the custodian service of the New York Digital Investment Group (NYDIG).
Larsen commented that he is familiar with the founders of this project and appreciates the level of security and institutional standards they offer..
As some of you may have noticed, I moved an $ XRP wallet to NYDIG. I’ve known the founders for a while, and am impressed by their security and top notch institutional standards – this is truly custody 2.0. Check them out at https://t.co/lbr8bG1kEe
– Chris Larsen (@chrislarsensf) September 22, 2020
Not everyone is ready to buy Larsen’s story
However, Larsen’s openness did not convince all skeptics. So, some have expressed concerns that his XRP coins may still end up on the market. For example, this was stated by the user Crypto Bitlord (@Crypto_Bitlord). He suggested that transferring money to the custodian would now allow Larsen to sell XRP in secret and without transferring them to the exchange..
Through this custodian you are able to sell Ripple without having to move to an exchange.
This is what someone would do if they wish to sell discreetly.
Ripple XRP 100X CRYPTO!!! CO-founder Jed McCaleb may DUMP $166 MILLION XRP!
Because we know that wallet was safe.
By moving it there you’ve unlocked the liquidity.
Are you selling / trading?
– Crypto Bitlord (@Crypto_Bitlord) September 22, 2020
Indeed, in May of this year, the media reported that the NYDIG fund, which has close ties to Wall Street, was actively selling cryptocurrency. According to the data submitted by him to the Securities and Exchange Commission (SEC), the volume of Bitcoin sales by the fund to almost $ 140 million..
Meanwhile, the company actually provides clients with custody services for the storage of digital assets, which confirms Larsen’s version.
On the other hand, it is worth noting that this is not the first time that the Ripple project and Larsen personally have faced such accusations of deliberate withdrawal of funds and unfair competition. The editorial staff of BeInCrypto has already talked about this.
The aforementioned Crypto Bitlord even launched a petition calling for Ripple to end XRP manipulation by constantly dumping large amounts of coins. At the time of this writing, the petition was signed by more than 4 thousand people.
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