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.
“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.
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