As reported by popular cryptocurrency tracker Whale Alert, several large XRP transactions have been spotted over the past 24 hours, including three staggering transactions, each worth between 200 million and nearly 300 million XRP. In total, Ripple and anonymous wallets moved a total of 916 million XRP.
The transfers took place around the same time that news of the collapse of the third-largest cryptocurrency-friendly bank spread.
Ripple Shovels 724 Million XRP, Whales Move 192 Million
Of the eight XRP transactions it detected, three of the largest XRP transactions were made by wallets associated with the Ripple cryptocurrency giant, the sources said. These transfers moved large amounts of cryptocurrency: 278,500,000 XRP; 245,500,000 XRP and 200,000,000 XRP.
This amount of tokens is equivalent to $262.4 million in fiat dollars. Some of these funds were transferred to Bittrex, apparently for sale. The rest is transferred between Ripple-linked wallets.
Picture from twitter
The remaining five transfers transferred a total of 192 million XRP. Four of them transferred tens of millions of XRP to the Bitstamp exchange.
Signature Bank Fails, Here’s What Stablecoins Are Like
As it became known over the weekend, Signature Bank was bankrupt. This is the third-largest crypto-friendly bank to close recently. Before that, banks in Silvergate and Silicon Valley failed. According to Ripple CEO Brad Garlinghouse, the cryptocurrency giant has minimal exposure to the bank. Still, its closure has not affected its day-to-day operations.
This affects the minting of the TUSD stablecoin for a small number of users of the bank. As for the BUSD and USDP stablecoins, their issuer, Paxos, tweeted that currently, $250 million of its funds are held in the bank while the bank is closed.
According to a recent tweet by Chinese journalist Wu Kelin, the U.S. government has taken steps to salvage all customer deposits by providing full guarantees.
Paxos, the issuer of BUSD and USDP, issued a statement stating that Paxos currently holds $250 million in Signature Bank, and the government has taken extraordinary measures to protect customers, and announced that all customer deposits in Signature Bank will be fully protected.
– Wu Blockchain (@WuBlockchain) March 13, 2023
On Saturday, USA Today reported that famed investor and “Rich Dad Poor Dad” author Robert Kiyosaki predicted the imminent collapse of the third largest bank after Silvergate and SVB. He didn’t offer any specific names, but it’s clear he had Signature Bank in mind.
Bitcoin, however, was not affected by the incident. On the contrary, BTC even showed a nearly 10% gain, reaching $22,681. Still, at the time of writing, the leading cryptocurrency is changing hands at $22,088 per unit.