Cryptocurrency is a dynamic industry. Every day, there are big moves, hacks, hearings in court, and price fluctuation. Aligning to this trend, the now-defunct cryptocurrency trading exchange, FTX, and its sister company, Alameda Research, have made headlines once more. PeckShieldAlert identified a number of significant transactions associated with these entities.
These addresses, according to the X Account, transferred a whopping $12 million in crypto. The total included 5 Bitcoin wrapped. [vBTC] Valued at approximately $7 million. About 10 XRP wrapped in plastic were also included. [WXRP] Binance, an important cryptocurrency exchange, also received a transfer of about $5.2 million.
Wrapped cryptocurrencies are equivalent cryptocurrencies on separate blockchains with fixed values. XRP’s wrapped token allows its holders to engage with decentralized applications [dApps] Ethereum. The latest transfer to Binance could indicate a possible strategic maneuver to liquidate or redistribute assets amidst FTX’s ongoing financial slump. Some people suggest it may be an asset reallocation. The firm could meet all its operational requirements.
Also Read: Ripple XRP Tagged as “Zombie Crypto” by Forbes
Analyzing FTX’s Previous Holdings
The exchange held more than 220 million XRP in September. The recent transfer of 10 million WXRP represents less than 5% of FTX’s declared XRP holdings. This means that the exchange has a substantial amount of XRP. The timing of the transactions are also noteworthy, as FTX is currently navigating bankruptcy proceedings.
Ripple Whales Move Big
Unlike FTX whales on the market appear to hold onto their XRP. Reports suggest The number of tokens held by wallets with 100 million and more has increased. This comes following XRP’s recent dip of 6% since the beginning of June. The asset’s price was $0.4866 at the time of press, a daily decline of 2.86%.
Also Read: XRP Avoids Extreme Bearish Cross Buildout: Can Ripple Breach $1 Now?
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Source: watcher.guru