California-based blockchain firm, Ripple, has made a staggering transfer of 200 million XRP coins from its coffers to an unknown wallet. The movement which comes ahead of its Form C cross-appeal document has raised discussions across the crypto community. The transaction, equivalent to $109.4 million, was flagged by a prominent large transaction tracker, Whale Alert on X (formerly Twitter).
Recall that the Securities and Exchange Commission (SEC) submitted its Form C on October 18, challenging the programmatic sales of XRP on digital exchange platforms. Ripple’s chief legal officer, Stuart Alderoty, reacted to the SEC move, stating that it is not surprising since XRP has already been declared non-security by the U.S. court. Ripple will submit its Form C this week, bringing more light to the portion of the court’s ruling it wishes to challenge.
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Victor Swaezy
Victor Swaezy is a crypto-journalist with more than 3 years of experience in covering blockchain technology and digital currencies news. Known for his comprehensive reporting, Victor has contributed to leading industry publications such as Coinfomania and Crypto News Guru, providing market participants with the required knowledge to make informed decisions. When he is not working, he loves to watch movies and have a good time.