Ripple co-founder's wallet sends $140 million in XRP to exchanges since July 17

Key Takeaways

• Chris Larsen's wallet has moved 50 million XRP worth about $175 million since July 17.
• The wallet's activity follows a major security breach where $112 million in XRP was stolen in January 2024.

A wallet tied to Ripple co-founder Chris Larsen has transferred 50 million XRP, worth around $175 million, to four addresses since July 17, with about $140 million ending up on exchanges, on-chain investigator ZachXBT revealed today.

As previously reported by Crypto Briefing, Larsen’s wallet sent 9.5 million XRP tokens , valued at over $26 million, to Coinbase on July 17. The move came just as XRP’s value began to rise sharply.

According to CoinGecko data , XRP reached a historic peak of $3.6 on July 18, driving its valuation to $215 billion. That surge also helped it flip American Express and McDonald’s in size, though the takeover was temporary, per CompaniesMarketCap.

XRP now ranks as the third-largest crypto asset by market value.

The sending wallet is part of a group of wallets connected to Larsen that previously transferred $109 million in XRP to exchanges in January 2025, as previously identified by ZachXBT. The wallets had been dormant for at least six years, raising questions about whether Larsen still had access to them.

The transfers follow a January 2024 security incident where Larsen lost $112 million in XRP through a hack linked to a LastPass security breach from 2022.

The stolen funds were quickly distributed across various crypto exchanges, including Binance, Kraken, and OKX. While Binance managed to freeze $4.2 million worth of stolen XRP, attackers had already laundered or converted most of the funds.