XRP whale counts rise due to stolen token redistribution

On Nov. 2, six new XRP accounts surpassed the one-million-token threshold following a redistribution of XRP stolen from Binance. Blockchain analytics firm Bitquery traced the split from one account into seven new accounts, with six clearing the million-token mark. Binance reported that five of its hot wallets sent 233.46 million XRP to an attacker-controlled address on Oct. 29. The five Nov. 2 recipients each received 40,001,000 XRP, while another received 33,455,920 XRP. This redistribution resulted in a net increase of five large accounts, contingent on prior counts and consistent observation. The increase in large-wallet counts does not indicate new accumulation, as the large balances stem from stolen tokens rather than new investments. CryptoQuant noted that smaller transfers' share of XRP exchange outflows rose from 17% on Sept. 30 to 33.4% on Oct. 29, but this does not confirm an increase in independently held balances. As of Nov. 3, no onward transactions were reported from the seven XRP recipients. Binance stated it would absorb the financial impact of the attack, replenishing 98% of affected token assets by Oct. 31. Investors should note that rising wallet counts are more meaningful when linked to new buying activity.

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