Ripple Moves 280 Million XRP Amid SEC Drama

  • Sealing records connected to the SEC’s Motion for Judgement and Remedies is part of Ripple’s appeal to Judge Torres. 280 million XRP tokens were transferred through Ripple and CEX.
  • As per Whale Alert, unidentified addresses recently transferred 279.97 million XRP between Bitstamp and Ripple.

After omnibus letter applications to seal important information about remedies-related documents were filed on May 13, the Ripple XRP v. U.S. SEC litigation took a new turn today.

According to well-known attorney James K. Filan on X, Ripple’s CFO (Chief Financial Officer), Jonathan Bilich, has submitted a declaration in support of the business’s request to seal the documents pertaining to discounts provided on XRP to institutional customers, in line with what CNF previously disclosed.

A staggering 280 million XRP tokens were traced to have been exchanged via Ripple and a controlled exchange (CEX) during Ripple’s petition to Judge Torres to seal specific papers related to the SEC’s Motion for Judgement and Remedies. Below is a summary of the events surrounding the filing of omnibus letter motions and additional comments from Ripple’s CFO.

Whale Alerts: Massive XRP Movements

Blockchain tracker Whale Alert has condensed its findings to demonstrate that unidentified addresses recently transferred 279.97 million XRP to and from Bitstamp and Ripple jointly. The well-known XRP whale, Rzn, kept moving money to Bitstamp; in its most recent transfer, 29.97 million XRP were offloaded.

However, the remaining transactions, which showed XRP being transferred from Ripple to an unknown address via an unknown wallet, also attracted much attention. First transfer showed that 150 million XRP was transferred to the address 7XZ63sKxv3 using Ripple. 100 million XRP were further sent to ….r2SE32hk, another unidentified address.

“I submit this declaration to support the redactions Ripple proposes,” the CFO of Ripple said in his declaration on the company’s extremely secret information.

Three categories of these include highly sensitive and confidential financial terms of Ripple’s contracts with third parties, specific financial figures in or derived from Ripple’s non-public audited financial statements, and highly sensitive and confidential information from Ripple’s internal financial reports regarding business strategies.

Meanwhile, at the time of writing, the price of XRP was about $0.5004, down 1.31% over the last 24 hours, according to CoinMarketCap. It also displays a 3.83% drop for the previous seven days. The current legal dispute and recent actions by Ripple have surely affected the mood of the market about XRP.

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