Ripple drama continues with $173m worth of XRP withdrawn from exchanges

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Crypto Regulation
Ripple drama continues with $173m worth of XRP withdrawn from exchanges

More than 1 billion XRP tokens were moved in the past week. As large whale movements continue, Ripple Labs Inc. got ahead of the U.S. Securities and Exchange Commission (SEC) in their case.

Per Whale Alert data, a transaction of 325,800,000 XRP, worth roughly $112 million, from Binance to an unknown wallet was the greatest in the last week. 

Another 177.8 million XRP, worth around $61 million at the time of writing, were moved to unknown wallets from Bitso and Bitstamp in the past 7 hours, per Whale Alert.

Moreover, the movements continue while Coinbase announced that its wallet will not support XRP along with Bitcoin Cash (BCH), Ethereum Classic (ETC), and Stellar Lumen (XLM) due to the very low usage of the assets. The crypto wallet will delist the four tokens in January 2023, according to the November report.

Ripple vs SEC drama persists

These massive whale movements come as U.S. District Judge Analisa Torres granted Ripples “motions” while some of the SEC’s requests were denied, according to a memorandum made public.

Per the document, the SEC wants the redaction of the identities of the expert witnesses with their personal information and financial information.

Rather similarly, the defendant, Ripple Labs Inc., wants redactions in five categories, including “(1) Ripple’s nonpublic audited financial statements, (2) confidential financial terms of Ripple’s business relationships, (3) identities of certain non-parties, (4) identities of former and current Ripple employees, and (5) personal identifying and financial information.”

On the other hand, Ripple CEO Bradley Garlinghouse’s attorney, Nicole Tatz, withdrew from the co-defendant’s counsel. Tatz submitted the motion on Dec. 16. She added that she will no longer be part of Cleary Gottlieb Steen & Hamilton LLP starting from the last day of December.

As the drama continues, the Founder of Gokhshtein Media, David Gokhshtein, believes that Ripple’s case against the SEC will be concluded in around two months.

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Wahid Pessarlay

Wahid is an experienced writer, interested in everything decentralized since 2019. Before joining Crypto.News, he wrote for some of the top DeFi and CeFi outlets, bringing in millions of views and educating readers with his knowledge of the industry.