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Crypto News

Published on April 1st, 2012 | by admin

3 Billion XRP Moved From Ripple’s Escrow

Social media has been buzzing with reports of vast sums being transferred from Ripple’s escrow wallets to unknown wallets during the last couple of days. On the Reddit social media platform the user CL20 posted details of transactions totalling over $1 billion that had been moved. The total value of the Ripple moved is reported to be valued at over $400 million.

Later posts stated that 2,900,000,000 XRP (Ripple’s main currency) were sent from the main holding account to several different accounts with the largest account receiving XRP worth $392 million.
Ripple were quick to clarify matters stating:

“To make certainty about the XRP supply in the market Ripple established an escrow account which is connected to 55 contracts. Each one is supposed to release around 1 billion XRP, with their expiration dates being the first day of each new month. After the contracts expire, the coins become available for the company’s use, and the tokens are mostly used for different incentives. In case there remain some leftovers, the company returns the money to escrow, and these tokens will be released in a new contract in the future”.

 



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