Contents
- Ripple shovels 724 million XRP, whales move 192 million
- Signature Bank closes, here’s what’s happening to stablecoins
916 million XRP moved by Ripple as third crypto-friendly bank crash
Yuri Molchan
Ripple fintech firm shoveled over 900 million XRP in three huge chunks after Signature Bank shut down
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As reported by popular crypto tracker Whale Alert, several large XRP transactions have been spotted in the past 24 hours, including three astonishing ones that had between 200 million XRP and nearly 300 million XRP each. In total, a total of 916 million XRP were moved by Ripple and other wallets.
These transfers took place around the same time news of the third major crypto-friendly bank’s shutdown spread.
Ripple shovels 724 million XRP, whales move 192 million
The aforementioned source shared that of the three largest chunks of XRP out of eight XRP transactions it had detected, three were carried out by wallets linked to the Ripple crypto behemoth. These transfers moved huge chunks of crypto: 278,500,000 XRP; 245,500,000 XRP and 200,000,000 XRP.
This amount of tokens is equivalent to $262.4 million in fiat USD. A portion of these funds were moved to Bittrex, apparently to be sold. The rest was transferred between Ripple-linked wallets.
A total of 192 million XRP were moved with the remaining five transfers. Four of these moved tens of millions of XRP each to the Bitstamp exchange.
Signature Bank closes, here’s what’s happening to stablecoins
As was known at the weekend, Signature Bank has gone bankrupt. This is the third largest crypto-friendly bank to shut down recently. Before that, the Silvergate and Silicon Valley banks fell. According to Ripple CEO Brad Garlinghouse, the crypto giant had little exposure to this bank. Nevertheless, the closure has not affected day-to-day operations.
This impact THOUSAND stablecoins coining for a small number of users from that bank. As for the BUSD and USDP stablecoins, their issuer Paxos tweeted that currently $250 million of the funds were stored in that bank at the time of the shutdown.
According to a recent tweet by Chinese journalist Colin Wu, the US government has taken measures to save the deposits of all clients by providing a full guarantee for it.
On Saturday, U.Today reported that prominent investor and author of the “Rich Dad Poor Dad” book, Robert Kiyosaki, predicted the collapse of the third major bank after Silvergate and SVB. He did not give any particular names, but it was clear that he had Signature Bank in mind.
However, Bitcoin remained unaffected by that event. On the contrary, BTC has even demonstrated an increase of almost 10%, reaching $22,681. However, at the time of writing, the leading cryptocurrency is changing hands at $22,088 per unit.
