Ripple affiliated wallet transfers 50 million XRP coins, SOL and ETH staked by FTX yield returns
Investing.com | Editor Rachael Rajan
Published Oct 26, 2023 02:05PM ET
In the latest developments in the cryptocurrency market, a Ripple-affiliated wallet transferred nearly 50 million XRP coins to EU-based Bitstamp and Mexican crypto unicorn Bitso. Whale Alert reported these large-scale transfers, which were valued at approximately $25.8 million. During this period, XRP's value increased over 15%. Both Bitstamp and Bitso are collaborating with Ripple on its "Ripple Payments" service for cross-border payments via RippleNet, previously known as On-Demand Liquidity (ODL).
Today, the cryptocurrency community was buzzing with speculation after Ripple Labs' CTO David Schwartz's frog picture post. PEPE-themed accounts interpreted it as an endorsement of the frog-themed meme coin, which saw a significant 60% increase this week.
In other news, following the collapse of FTX, the trustees have transferred over $19 million in various tokens to exchanges like Binance and Coinbase (NASDAQ:COIN). These tokens include 470,000 SOL ($15 million), 11,000 COMP ($2.5 million), LINK ($2.2 million), AAVE ($1 million), MKR ($2 million), and ETH ($3.4 million).
Prior to its collapse, FTX had staked $150 million in SOL (5.5 million tokens) and ETH (over 24,000 tokens) to provide returns for investors. The staked assets are expected to yield an annual return of 6.79% for SOL and 3.4% for ETH, potentially resulting in over $8 million in SOL returns alone.
A transfer of $8.6 million from FTX and Alameda Research to a Binance address was also reported today. This transfer follows FTX's previous efforts to provide returns for its investors through staking large amounts of SOL and ETH.
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