Ripple Moves $400 Million XRP Amid Threats of Forking Off – Trustnodes

Ripple Moves $400 Million XRP Amid Threats of Forking Off


Ripple CEO meme

Ripple Labs, the company behind XRP and owner of some 50 billion ripples, has moved 1.5 billion XRP, worth about $400 million or nearly 5% of the total market cap.

Half a billion XRP ($132 million) was moved on the 30th of August. Destination unclear, but it looks like the address was activated by BitGo. So perhaps some “institutional” giveaway, Over the Counter (OTC) sale, or maybe just “parking” it with BitGo which provides crypto custody solutions.

1 billion XRP ($250 million) was taken out from escrow today with a strange memo of “Wol ha.” What this refers to is not very clear, but apparently there’s a South Korean horror movie titled: “Wol-Ha: Very Bad Moon Rising.”

Ripple's stupidly named escrow, August 2019
Ripple’s stupidly named escrow, August 2019

There’s a revolt brewing in XRP as the currency halved in price since June and is down some 93% from the peak in December 2017, down by $3.40 to now just $0.25.

In particular, a prominent Ripple trader has threatened to fork off XRP, giving a 60 days “ultimatum” to stop the selling or “we will stage a community takeover. If it’s a decentralized network like you say, we have the power to do it,” he said. Six hours later:

He has retweeted two articles since, with no further comment on what sort of threats he is receiving or by who.

50 billion XRP, however, is worth billions of dollars. It would have been worth $200 billion at the peak, nearly as much as the entire crypto market cap at current prices. Now it is still worth $12.5 billion, about as much as XRP’s entire current market cap.

Who this Bitlord is, we do not know, but it looks like Ripple has no intention of stopping the selling, with about $8 million worth moved to their OTC account this August 30th.

They have sold an estimated $2.5 billion worth since December 2017 when they started the selling. Price has only been down since.

What exactly they’re doing with this huge amount of money is not clear, but they themself have stated they pay banks or companies in “rebates” to use their “products” and they even pay them “marketing incentives.”

Some of it goes towards flashy chandeliers, office ceilings higher than churches, and of course in San Francisco because they’ve made it.

Some of the rest ($250 million) goes towards their buddies for coming up with very innovative projects in creating a website where you can post with an Alexa like chrome extension aiming to take away journalistic independence by putting subscribers under this centralized project.

Presumably then some goes towards their 400 employees with David Schwartz, the current CTO of Ripple, seemingly not paid enough so he sold 3 million XRP in April.

For years they held off dumping since 2013, making XRP a sort of deflationary currency as a bit is burned when transacting. Now however they’re flooding the market with this 50 billion XRP, released monthly by one billion. Relentlessly so selling between a quarter of a million to half a billion dollars every three months.

So some investors have raised the prospect of just forking off Ripple’s XRP, but apparently that comes with Wol-Ha, if it can technically be done at all.


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Where has the credible media gone?
September 2, 2019 4:02 pm

You are a very poor writer and do not have your facts straight. It astounds me how many writers LIKE you there is out there.

I would strongly doing your research before you embarrass yourself more with these types of fud and false writing

Orren Lilly
September 2, 2019 5:57 pm

This is the stupidest article I’ve ever read

Chris Harvey
September 2, 2019 8:48 pm

Lol. You realize this is finance and not some furry forum? Grammar kinda matters. I would like to meet anyone that reads something about investing with this many grammatical errors and takes it seriously. That would require a level of stupid I haven’t encountered yet. I wouldn’t put my name on this shit my 8th grade nephew writes better than this. Calling an escrow nickname stupid really made me chuckle at how stupid you are lmfao

Chris Harvey
September 2, 2019 8:48 pm

This should signify the times we live in. Journalism truly is dead. I am dumbfounded by what is transgressing here. We have the issue of Ripple. A journalist dream job. The amount of stories one could publish could easily span and make a career. There isn’t even any legit journalistic action taking place here or any news source. You have a huge story that either isn’t being reported on at all. This article stinks of liable . These issues were brought up and addressed and this is willful disregard for the truth. A small amount of investing may reveal tortious… Read more »

September 2, 2019 10:34 pm

Delete the article before you mess your credibility up even more

Chris Harvey
September 2, 2019 8:57 pm

Trustnodes I really hope you’re not in Texas or another state that takes Tortious interference seriously. I’m not sure what California’s laws on it are. If you guys don’t know you’re breaking the law and you might should look into it it is so very clear you’ve pissed Brad off if you don’t think lawsuits are coming I feel sorry for you.. It is not apparent how old the author of this article is but you cannot go around lying about businesses with intent to harm them lol. you guys are like the frog in hot water that doesn’t realize… Read more »

September 3, 2019 2:35 am

Who writes this junk? They aren’t “ripples”, they are “XRP”. The notion of a fork of the XRPL is laughable and for all intents and purposes, impossible. You literally would have to supply your own validators and re-write the rules of the network, thus creating an entirely new asset that would have no use, no utility and no value. Folks, please do some real investigative reporting before writing this drivel.

September 3, 2019 5:02 am