Massive Release of XRPs from Unknown Custody Wallets

03/01/2023 02:16 • Blockchain Buzz • 111 views

According to the report, Whale Alert data showed that a total of 800 million XRPs were unlocked from unknown custody wallets in two transactions (400 million each), with a value of more than 300 million dollars.

800 million XRPs unlocked from unknown managed wallets

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According to a recent report, there has been a massive release of XRPs from unknown custody wallets. Whale Alert data revealed that 800 million XRPs were unlocked in two transactions. Each transaction involved 400 million XRPs and had a combined value of over 300 million dollars. Such an enormous release of XRPs from unknown custody wallets has sent ripples across the digital currency market.

For those new to cryptocurrency, a custody wallet is a secure wallet that holds digital assets on behalf of investors. Custody wallets are one of the most secure ways to store digital assets, and they usually require multiple authentication measures before allowing withdrawals. The fact that the XRPs were unlocked from unknown custody wallets means that it is unclear who released them and why.

The release of XRPs from unknown custody wallets is concerning for a few reasons. Firstly, it could signal that there is a large holder of XRPs who is looking to liquidate their assets. The release of such significant amounts of XRPs could also indicate that someone is trying to manipulate the XRP price. Large sell-offs can artificially lower the XRP price, paving the way for market manipulation. If this is the case, it could lead to a significant sell-off that might result in investors incurring substantial losses.

It also highlights concerns regarding custody wallets. Given that the XRPs were released from unknown custody wallets, it raises questions about the security of such wallets. Investors who use custody wallets to store their digital assets expect the wallets to be one of the most secure storage methods for their assets. However, the recent release of XRPs from unknown wallets indicates that some wallets may not be as secure as previously thought.

In conclusion, the release of 800 million XRPs from unknown custody wallets is a concerning development. It raises questions about who released them and why. It also highlights the need for investors to use secure custody wallets to store their digital assets. The cryptocurrency market is unpredictable, and investors should take all necessary precautions to ensure their investments are safe and secure.

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Massive Release of XRPs from Unknown Custody Wallets

800 million XRPs unlocked from unknown managed wallets

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