Ripple affiliated wallet transfers 50 million XRP coins, SOL and ETH staked by FTX yield returns By Investing.com

In the latest developments in the cryptocurrency market, a Ripple-affiliated wallet transferred nearly 50 million XRP coins to EU-based Bitstamp and Mexican crypto unicorn Bitso. Whale Alert reported these large-scale transfers, which were valued at approximately $25.8 million. During this period, XRP’s value increased over 15%. Both Bitstamp and Bitso are collaborating with Ripple on its “Ripple Payments” service for cross-border payments via RippleNet, previously known as On-Demand Liquidity (ODL).

Today, the cryptocurrency community was buzzing with speculation after Ripple Labs’ CTO David Schwartz’s frog picture post. PEPE-themed accounts interpreted it as an endorsement of the frog-themed meme coin, which saw a significant 60% increase this week.

In other news, following the collapse of FTX, the trustees have transferred over $19 million in various tokens to exchanges like Binance and Coinbase (NASDAQ:COIN). These tokens include 470,000 SOL ($15 million), 11,000 COMP ($2.5 million), LINK ($2.2 million), AAVE ($1 million), MKR ($2 million), and ETH ($3.4 million).

Prior to its collapse, FTX had staked $150 million in SOL (5.5 million tokens) and ETH (over 24,000 tokens) to provide returns for investors. The staked assets are expected to yield an annual return of 6.79% for SOL and 3.4% for ETH, potentially resulting in over $8 million in SOL returns alone.

A transfer of $8.6 million from FTX and Alameda Research to a Binance address was also reported today. This transfer follows FTX’s previous efforts to provide returns for its investors through staking large amounts of SOL and ETH.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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