Ripple co-founder Chris Larsen transferred approximately $140 million worth of XRP to exchanges over the past 7 days

According to ChainCatcher, citing The Block, on-chain analyst ZachXBT has pointed out that since July 17, a wallet long associated with Ripple co-founder Chris Larsen has transferred 50 million XRP. This wallet appears to have moved approximately $140 million worth of tokens to three addresses linked to trading platforms, while another 10 million XRP were deposited into two newly created wallets. Addresses controlled by Chris Larsen still hold about 2.81 billion XRP, valued at roughly $9 billion.

Previously, the US SEC accused Ripple’s CEO Brad Garlinghouse in a 2020 lawsuit of personally cashing out $150 million worth of XRP over three years. The SEC also stated that Larsen and his spouse sold $450 million worth of tokens between 2017 and 2020.