Unexplained Large Transfer at Upbit: $60 Million XRP Moves Between Exchange’s Subwallets

Over $60 Million XRP Leaves Biggest Korean Exchange in One Large Transfer

In a recent and extraordinary move, a staggering amount of over $60 million worth of Ripple’s native cryptocurrency, XRP, has left the biggest Korean exchange, Upbit. This massive transfer has sent shockwaves throughout the community, sparking speculation about its potential purpose.

Initially, blockchain trackers flagged the move as heading to an “unknown wallet,” further fueling the chatter surrounding this event. However, a closer examination revealed that the funds never actually left Upbit’s orbit but were instead shifted between the exchange’s own subwallets.

Internal transfers of such magnitude are not unprecedented for exchanges handling massive volumes like Upbit, which processes over $4.57 billion in daily spot volume. The sheer size and timing of this transfer have grabbed attention, as XRP is one of Upbit’s most actively traded markets, contributing more than 12% to the exchange’s overall trading activity.

The absence of any significant impact on XRP’s price action suggests that this might be a routine maintenance or accounting adjustment by the exchange. Nonetheless, this substantial transaction has caught the eye of many in the crypto community, and it is crucial to monitor such internal transactions closely due to their potential influence on market dynamics.

Source: u.today