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Data shared by popular blockchain detective Whale Alert, which tracks large-scale cryptocurrency transfers, detected several transactions carrying a total of approximately 216 million XRP that were made in succession.
216 million XRP in transit
52 million XRP was transferred to the Bybit exchange, but then the same crypto trading platform faced a massive withdrawal of 30 million XRP towards an unknown blockchain address. These cryptocurrency transfers were valued at $27,836,692 and $16,095,977 at the time they were initiated.
29,560,000 XRP worth 15,621,307 was sent to Bitso, the largest crypto exchange in the Latin American region, which received a deposit from an anonymous whale.
However, the biggest transfer that surprised the XRP community involved 104,035,551 XRP, worth $55,979,341. This massive transaction took place between two anonymous whales.
The XRP army reacted with particular enthusiasm to the 104 transaction, to some extent by surprise.
About a week ago, the U.S. Security and Exchange Commission began appealing a recently lost case against the Ripple giant. Last summer, Federal Judge Annalisa Torres ruled that XRP does not qualify as a security for sale on the secondary market. In August of this year, the SEC demanded a $2 billion fine and compensation from Ripple. However, the same judge reduced that amount to $125 million.
This time, the SEC decided to appeal. However, the regulator itself is facing a lawsuit from the Bitnomial exchange.
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Bitnominal Exchange files lawsuit against SEC
On Friday, Bitnomial, one of the earliest crypto exchanges (founded in 2014) headquartered in Chicago, announced that it had filed a lawsuit against the U.S. Securities and Exchange Commission in response to the SEC’s efforts to overextend its jurisdiction into the digital space. News spread that a lawsuit has been filed against the association. Asset derivatives”
The exchange is authorized by the U.S. Commodity Futures Trading Commission (CFTC) and falls outside the SEC’s statutory authority. In August, the exchange was scheduled to launch physically delivered XRP futures. However, the SEC contacted it and said this future qualified as a security. The SEC continues to claim that XRP is an unregistered security, despite losing another court case against Ripple in August of this year.
Bitnomial Exchange, LLC filed suit against the SEC to prevent the SEC from asserting joint jurisdiction over Bitnomial beyond its statutory authority. $XRP Futures contracts are under the sole jurisdiction of the government. @CFTC.
For complaints, see here:…
— Bitnomial (@Bitnomial) October 11, 2024
Bitnominal’s statement reads: “Bitnominal is seeking formal judgment from the court to protect participants from futures market, CFTC jurisdiction, and SEC overreach.”
