Chris Larsen Transferred $175 Million in XRP 

Blockchain analysis platform ZachXBT detected that Larsen moved a total of 50 million XRP across four different wallets between July 17-23. Larsen sent about 40 million XRP to known addresses belonging to crypto exchanges and third-party services. Additionally, he distributed 10 million XRP evenly between two new wallets. 

Despite this, Larsen’s wallets still hold 2.81 billion XRP, approximately $8.4 billion worth of tokens. XRP is a key asset used in Ripple cross-border payment network and is actively traded in the market. Recently, XRP’s price surged to $3.40 before experiencing a correction exceeding 12%. Larsen’s transfers to exchanges are generally interpreted as an intention to cash out. His XRP holdings represent approximately 4.6% of the total market capitalization, and a sale of this magnitude could create significant selling pressure in the market.

Increase in Ripple XRP Fraud Warnings 

These large transfers by Larsen come at a critical time when XRP-based scams are on the rise. Ripple CEO Brad Garlinghouse warned users on X about fake XRP campaigns. 

Garlinghouse pointed out that scammers target users with fake giveaways and phishing attacks on YouTube. Fraudsters impersonate Ripple officials using deepfake videos and fake airdrops to steal wallet information, leading to loss of assets. 

Ripple official account also reminded: 

“Ripple or our executives will never ask you to send XRP. Be cautious.” 

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