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Ripple co-founder's wallet sends $26 million in $XRP to Coinbase as token nears all-time high.
The address is part of a group of wallets linked to Larsen that sent $109 million worth of $XRP to exchanges in January.
Ripple co-founder's wallet sends $26 million in $XRP to Coinbase as token nears all-time high
Key Takeaways
Chris Larsen's wallet sent $26 million in $XRP to Coinbase as the token approached its all-time high.
This transfer stirred speculation due to previous inactivity and a history of major hacks affecting Larsen's accounts.
A crypto wallet associated with Ripple co-founder Chris Larsen transferred 9.5 million $XRP tokens worth over $26 million to Coinbase earlier this week, according to data from XRPSCAN.
The move came just before $XRP’s price began to surge. Around the time of the transfer, the token was trading at about $2.8 per CoinGecko. It later jumped over $3 and extended its rally to $3.3, a 10% gain in under 10 hours.
At the time of writing, $XRP was trading around $3.2, only 6% below its all-time high.
The sending address belongs to a group of wallets linked to Larsen that moved $109 million in $XRP to exchanges in January 2025, as previously identified by on-chain researcher ZachXBT.
These wallets had remained inactive for at least six years. ZachXBT suggested Larsen may have lost access to them. The development follows a January 2024 security breach where Larsen lost $112 million in $XRP through a hack connected to a LastPass security incident from 2022.
The stolen funds from the January hack were rapidly distributed across multiple crypto exchanges, including Binance, Kraken, and OKX. While exchanges like Binance froze $4.2 million worth of stolen $XRP, attackers had already laundered or converted a substantial portion of the funds.
The latest wallet movement has led to speculation about potential liquidation, as transfers to centralized exchanges often precede sales.