Ripple Key Partner Bitso Shifts Dozens of Millions of XRP – What’s Happening?

As reported by Whale Alert recently, in the past 20 hours, several large transfers of XRP tokens have occurred. Over one hundred and sixty million Ripple-affiliated coins exchanged hands. Among the participants was Ripple’s major ODL partner, Mexico-based crypto exchange Bitso, in which Ripple also invested an undisclosed amount three years ago.

Another major crypto platform also took part in moving these funds.

170 million XRP exchanged hands

According to recent Whale Alert tweets, four hefty lumps of XRP have been transacted, carrying from 32 million to 49 million XRP each. Ripple’s ODL platform (and the largest crypto exchange in the Latin America region, crypto unicorn) transferred a total of 48,100,000 XRP evaluated at $18,526,121.

Whale Alert stated that Bitso moved these funds to an “unknown” wallet. Data provided by XRP explorer Bithomp shows that $18.5 million worth of XRP was transferred to an internal wallet of the exchange.

Two major transactions were made from Binance exchange – one carried 38,893,182 XRP, the other moved 49,926,217 (worth $14,445,395 and $18,843,741, respectively).

Here’s where Binance sent XRP

According to Bithomp, these were also internal transfers. Most likely they are connected to the proof-of-reserves audit Binance initiated recently and called for other crypto exchanges to follow suit in order to demonstrate that all their traded funds are backed with actual reserves.

It happened after, in early November, a major FTX exchange that was back then spearheaded by billionaire Sam Bankman-Fried went bankrupt, along with its trading subsidiary, Alameda Research, and was unable to return funds to holders.

The final of the four transfers – 32,000,000 XRP – was made from a Bittrex wallet to Bitstamp.