The largest cryptocurrency exchange Bithumb has transferred close to $100 million XRP between its own wallets in a short period of time after the coin lost 17% of its value.
70 million for first transactions
The first large transfer appeared on the chain four hours ago with a large exchange-related address transferring a significant number of XRP coins to another address related to the aforementioned exchange.
The recipient address that ends with “a6hpZ” currently holds 75 million XRP coins and is most likely being used by the exchange to utilize orders, make withdrawals, and receive deposits.
Wallets utilize various wallet addresses to make operational processes safer for their users. In case of a security breach, exchange managers would be able to safely transfer funds to safer wallets.
15 million for the second transaction
A smaller transaction of just 15 million coins appeared after the 70 million transactions. The second transaction was part of the exchange’s internal movements. It’s tied to the movement of the previous coins for having the same recipient address.
The sender address currently holds over 12 million XRP while constantly sending and receiving funds on other exchange-related addresses. “VkeWM” is more likely to be used as the order execution hot wallet designed to rapidly receive and place funds into the order book.
Ripple’s XRP market performance
Ripple’s XRP token has risen about 15% in the last five days by reaching $0.93 previously. It was justified with the former Coinbase CEO’s shout-out in Congress when he asked officials to list XRP on the official U.S. Exchange if it is being considered a security.
Bithumb largest cryptocurrency exchange
Bithumb is one of the largest cryptocurrency exchanges in the world and has been trading various cryptocurrencies including Bitcoin, Ethereum, Ripple, Litecoin, and Dash for over a year. As an established exchange, Bithumb users can purchase any of these cryptocurrencies and many more with ease. In fact, you can use Bithumb to buy up to 10x more cryptocurrencies than anywhere else on the market.
In conclusion, Bithumb is one of the leading cryptocurrency exchanges in South Korea. Founded in 2016, the exchange provides convenient services for both retail and institutional investors. To help clients to trade on the exchange, it has an API (Application Programming Interface) that supports different languages such as C#, Java, Python, Ruby, PHP, Go, and Rust. The API is available to any interested developer to use it in their own project.
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