Ripple Misreported the Amount of XRP it Sold by $84 Million Says Report

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Ripple HQ

A report detailing analysis of XRP’s ledger claims Ripple Labs misreported the amount of XRP it returned to escrow by 200 million xrp, currently worth circa $84 million.

“Three billion XRP released out of cryptographic escrow, 2.6 billion XRP returned to escrow,” Ripple said in October 2018.

Ledger data however shows that 2.5 billion xrp was returned to escrow, 100 million xrp less than reported.

Likewise, at the beginning of this year Ripple said: “Three billion XRP were released out of cryptographic escrow, 2.30 billion returned to escrow.”

In fact 2.2 billion xrp was returned according to Coin Metrics, a ledger analysis start-up that counts Fidelity as an investor.

Both of these quarterly reports attracted media attention with Trustnodes for example writing in October Ripple sold $400 million for the year.

Coin Metric says they have reached out to Ripple for clarification, but they have received no reply.

It may be this was a clerical error, but for the third quarter of 2018 they misreported the amount released from escrow by 20%. Stating 400 million XRP had been released when in fact it was 500 million.

Such error therefore appears to be quite considerable for it to be merely clerical and even for Q1 of 2019 it stands at a substantial misreporting of close to 10%.

The report further says Ripple has released in total 17 billion xrp from escrow and has returned 12.5 billion xrp. Thus they have sold 4.5 billion xrp since December 2017, which at current prices would be not far off from $2 billion.

That’s huge sums of money, with Ripple escrowing in total 55 billion xrp. Meaning they now have 50 billion xrp still in possession, a sum that is more than all of the circulating supply of 42 billion xrp.

Copyrights Trustnodes.com

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