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The San Francisco-based crypto exchange Bittrex says there’s no need for alarm after a series of huge XRP transfers left crypto traders wondering what’s going on.
The exchange moved 875,102,912 XRP worth about $262,783,778 to wallets of unknown origin in four separate transactions on Tuesday, according to the XRP explorer Bithomp.
The biggest single transfer sent 575,102,915 XRP worth $172,819,576 across the cryptoverse.
Bittrex put out an alert on its Twitter account notifying crypto holders to expect big movements from the exchange.
[adinserter block="1"]“There is no need to be alarmed. This is a known movement of funds. Your funds are safe.”
Traders are also tracking a massive movement of the stablecoin Tether (USDT) to Binance.
Tether sent 300,000,010 USDT to the crypto exchange on Tuesday.
? ? ? ? ? ? ? ? ? ? 300,000,010 #USDT (298,873,174 USD) transferred from Tether Treasury to #Binance
— Whale Alert (@whale_alert) October 29, 2019
It appears the transfer is part of Tether’s shift from Omni-based tokens to Ethereum-based tokens.
In the same hour, Binance sent 300,000,000 Omni-based USDT to Tether, essentially removing those tokens from circulation.
[adinserter block="1"] [the_ad id="42537"] [the_ad id="42536"]Within 2h Tether will coordinate with a 3rd party to perform a chain swap (conversion from Omni to ERC20 protocol) for 300M USDt. Tether total supply will not change during this process.
Learn more about chain swaps https://t.co/abfgnELSvi
— Tether (@Tether_to) October 29, 2019
