Ripple co-founder's wallet sends $26 million in XRP to Coinbase as token nears all-time high
The address is part of a group of wallets linked to Larsen that sent $109 million worth of XRP to exchanges in January.
Key Takeaways
- Chris Larsen's wallet sent $26 million in XRP to Coinbase as the token approached its all-time high.
- This transfer stirred speculation due to previous inactivity and a history of major hacks affecting Larsen's accounts.
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A crypto wallet associated with Ripple co-founder Chris Larsen transferred 9.5 million XRP tokens worth over $26 million to Coinbase earlier this week, according to data from XRPSCAN.
The move came just before XRP’s price began to surge. Around the time of the transfer, the token was trading at about $2.8 per CoinGecko. It later jumped over $3 and extended its rally to $3.3, a 10% gain in under 10 hours.
At the time of writing, XRP was trading around $3.2, only 6% below its all-time high.
The sending address belongs to a group of wallets linked to Larsen that moved $109 million in XRP to exchanges in January 2025, as previously identified by on-chain researcher ZachXBT.
These wallets had remained inactive for at least six years. ZachXBT suggested Larsen may have lost access to them. The development follows a January 2024 security breach where Larsen lost $112 million in XRP through a hack connected to a LastPass security incident from 2022.
The stolen funds from the January hack were rapidly distributed across multiple crypto exchanges, including Binance, Kraken, and OKX. While exchanges like Binance froze $4.2 million worth of stolen XRP, attackers had already laundered or converted a substantial portion of the funds.
The latest wallet movement has led to speculation about potential liquidation, as transfers to centralized exchanges often precede sales.
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