Astonishing 300 Million XRP Moved from Binance, Here’s Why and Where To

As reported by popular crypto tracker Whale Alert, roughly two hours ago, an astonishing 300 million XRP was withdrawn from Binance. Some users in the comment thread believe that this lump is being moved off the exchange by investors who are trying to save their crypto.

But the true purpose of this fund transfer turned out to be different, as you can see below.

300 million XRP kiss Binance goodbye

Whale Alert spread the word about a whopping 300,000,000 XRP moved from a Binance wallet. This amount of the Ripple-affiliated token is worth $115,976,350 in fiat.

This is not the first XRP withdrawal from Binance today – several hours before that, 37,371,039 XRP were also sent from that exchange to a wallet that the aforementioned tracker marked as “unknown.”

This is just two transfers of crypto from Binance over the past 24 hours. Whale Alert also spotted around 1.2 billion BUSD moved from this exchange within the past 10 hours.

Overall, as covered by U.Today earlier, the amount of crypto withdrawn from Binance has approached $2 billion. This mass exodus started as the US prosecutor’s office announced that it is considering pressing charges against the largest exchange by trading volume, suspecting Binance of money laundering and violating sanctions.

Here’s what really happened

CZ of Binance commented on the situation, stating that this is merely FUD (fear, uncertainty, doubt) that has been following Binance in large quantities since its ICO back in 2017.

In the end, data provided by XRP explorer Bithomp showed that the 300 million XRP were moved from one Binance wallet to another, as were the 37.3 million XRP.

🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 300,000,000 #XRP (115,976,350 USD) transferred from #Binance to unknown wallethttps://t.co/Te7klBRstH

— Whale Alert (@whale_alert) December 13, 2022

Justin Sun moves tons of millions of USDC to Binance

Earlier today, former Tron CEO and current owner of Poloniex and Huobi exchanges Justin Sun shared that he shoveled 100 million USDC to Binance. He did not comment on the purpose of this transaction.

CZ commented that he believed it was for the deployment of BUSD on the Tron chain. However, he was not sure as he said he was not handling it personally.

This is part of deploying BUSD on TRON, I think. Cross-chain swaps. Not sure of the details. Not directly handling it myself. https://t.co/DF32yAFxpI

— CZ 🔶 Binance (@cz_binance) December 13, 2022

Whale Alert showed some more fund movements that involved Sun’s wallet. It shows that 100 million USDC were returned to Justin Sun’s address from USDC Treasury.