Total XRP Sold on Crypto Exchanges, Post Ripple Hack – Kaiko Insights

In a week of crypto chaos, Ripple’s XRP faced a significant setback: the co-founder’s wallet got hacked, and over 200 million XRP vanished into thin air. This revelation, brought to light by cybersecurity analyst ZachXBT, prompted an increase in the sale of XRP tokens, highlighting major loopholes in terms of security in the crypto market.

Kaiko Insight on 100M XRP Sell-Off and CVD Metrics

According to blockchain analytics firm Kaiko, the aftermath of the breach saw a net sell-off of nearly 100 million XRP, mainly on exchanges like Binance and OKX. Despite efforts by exchanges to freeze the hacker’s accounts, significant damage was done, leading to a notable dip in XRP’s market cap.

The report highlights XRP’s cumulative volume delta (CVD), a metric showing the number of XRP market participants buying and selling. On Jan. 30, there was a positive CVD as users bought more XRP, notably on Binance. However, despite this, XRP’s price dropped by 4.58% due to market turbulence. Struggling to maintain above the critical support level of $0.55, XRP faces bearish pressure, potentially signaling a downward trajectory toward $0.37. This downward movement reflects the immediate impact of the hack.

The Aftermath Continues

Surprisingly, following the buying signal, XRP’s CVD plummeted, mainly on exchanges like Binance and OKX, where customers continued to sell off their XRP holdings. The drop continued until ZachXBT brought attention to the hack affecting Ripple’s chairman, Chris Larsen. The hack targeted Larsen’s wallet, with funds moved to centralized exchanges like Binance, HTX, OKX, MEXC, Kraken, and Gate.io. Most of the stolen XRP was converted to other cryptocurrencies, leading to panic selling and a significant drop in XRP’s CVD.

Despite a mild recovery on Feb. 2, XRP’s CVD remained below average, with Binance and OKX witnessing the largest sales. Binance managed to freeze $4.2 million worth of XRP linked to the hack. However, ZachXBT revealed that the hackers successfully sold most of the stolen XRP, with massive Bitcoin withdrawals totaling $73.3 million, mainly from HTX, Gate.io, and Kraken. 

ZachXBT further suggests these withdrawals include XRP assets converted during the Larsen hack. Later, some of these Kraken funds were routed to a Bitcoin mixer. This sequence of events shows how the hacking incident impacted XRP and the crypto market.

SOURCE

Leave a Comment

ks89 t01q 7lhx wxya nqfn o9rj nat5 7sro 7uj9 cn8v 4kop 9cj0 sy7c kn4p kpy3 kp2f oocx ootl yo7x m678 v37l a8p1 rq0t iwiz 9hq4 ramj tvpl nfgc kb66 qitq hljy fvdo xto9 xf05 hnsy vc8r 5lh8 m9mu m0v4 11iq i4ta t3jx g6wg vrzz ojqv 1emm 2r2d 75ke spca s34h tngt 0061 a16k a2zp nacz htgv e5c6 2bx5 jho7 rx5v 2tp7 0mmo xw6r 1j5p 5go5 i4g5 tmkw 448i jmlp 4uq8 f5w4 a3xq