CryptoSlate
Binance-linked attackers redistributed 233.46 million stolen XRP across seven wallets on Nov. 2, creating six addresses with balances above 1 million XRP. Bitquery traced the transfers from one receiving address; it reported no further movements from the seven wallets as of Nov. 3.
Why it matters
Wallet-count metrics can mistake transfers for new accumulation. Here, one pool of stolen XRP was split among several large addresses, enough to raise the count of million-XRP wallets without any fresh purchase. If the sender was previously counted and all six recipients qualify under the same address coverage and cutoff, the split would add five qualifying addresses net.
CryptoQuant analyst Amr Taha reported that smaller transfers' share of XRP exchange outflows rose from 17% on Sept. 30 to 33.4% on Oct. 29. That shift does not establish a rise in independently held balances: transfer size alone cannot show that a recipient is a new investor.
Market impact
The transfers followed Binance's report that five hot wallets sent 233.46 million XRP to an attacker-controlled address between 20:05 and 20:09 UTC on Oct. 29. Binance said it would absorb the financial impact and that 98% of impacted token assets had been replenished as of Oct. 31.
For investors assessing XRP accumulation, the traced source of the balances matters more than the rising address count. Bitquery reported no onward transactions from the seven recipients as of Nov. 3, leaving their next move unclear.
Frequently asked questions
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How did the stolen XRP affect the number of large wallets?
The 233.46 million XRP was split across seven wallets, six of which held more than 1 million XRP. That can raise the count of large addresses without new buying.
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How many million-XRP wallets did the redistribution create?
Six recipient addresses cleared the 1 million XRP threshold. If the sender was already counted and address coverage is consistent, the split would increase the qualifying count by five net.
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What did Bitquery report about the seven wallets after the transfers?
Bitquery reported no further movements from the seven recipient wallets as of Nov. 3.
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What change did CryptoQuant report in smaller XRP exchange outflows?
Amr Taha reported that smaller transfers' share of XRP exchange outflows rose from 17% on Sept. 30 to 33.4% on Oct. 29.
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What did Binance say about replenishing the impacted assets?
Binance said it would absorb the financial impact and that 98% of impacted token assets had been replenished as of Oct. 31.
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