It is a new week, but the attention remains on what it was on at the end of the previous one - the second largest offshore crypto exchange in the world, ByBit. If you are not familiar with it - which seems nearly impossible judging by the scale of the news - the exchange was "hacked" for a sum in assets equivalent to about $1.5 billion.

It remains an open question how this was possible, but for now it can be concluded that this was the biggest hack ever in the digital asset industry.

Related
Mon, 02/24/2025 - 09:55 29,532,534 XRP Hit Major US Exchange Coinbase: What's Happening?
Gamza Khanzadaev
HOT Stories Ripple CTO Responds to 'Rich Dad Poor Dad' Author on Bitcoin, Gold, and USD 29,532,534 XRP Hit Major US Exchange Coinbase: What's Happening? Georgia Introduces New Bitcoin Reserve Bill Shiba Inu (SHIB) Breaks Crucial Resistance, Solana (SOL) Plummeting Finally Stops, Ethereum (ETH) Price Grows, Damage Negated?

However, the point of this article is the recent transfer of almost 52 million XRP, which is equivalent to about $128.78 million, on an exchange. Thus, as became known thanks to a report from Whale Alert, the colossal sum in XRP hit ByBit from the wallet with the address "rGdKQ." 

🚨 🚨 🚨 🚨 🚨 🚨 51,999,999 #XRP (128,782,393 USD) transferred from unknown wallet to #Bybithttps://t.co/4C8SlWy76u

Advertisement — Whale Alert (@whale_alert) February 24, 2025

According to XRPL Explorer, this address was activated in September by Binance, the world's largest centralized crypto platform. What is interesting is that this wallet is almost empty after the transfer, but before it saw an outflow of 52 million XRP to a recently hacked exchange, it was topped up by the transfer from ByBit.

What's happening?

What we are probably seeing is some sort of interaction between two major exchanges. Both entities have their own history, and the black and yellow crypto behemoth was one of the first in the space to help ByBit after the hack.

If these are indeed exchanges, then assumptions of a possible sell-off may not come true. The thing is that the common perception of market participants is that transfers on exchanges are bearish and are seen as large investors' intention to sell.

Related
Sun, 02/23/2025 - 10:35 XRP Whale Alert: $51,849,820 XRP Withdrawn From Major Crypto Exchange
Tomiwabold Olajide

This time, 52 million XRP may not be headed to ByBit to sell. But it should be understood that all such moves in the post-hack period will be viewed with increased scrutiny by market participants, whose doubts and concerns are at a maximum right now.

免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。