• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • About us
  • Write for us
  • Terms and Conditions
  • Privacy Policy
  • Disclaimer
  • Contact
  • All Posts
  • Advertise

TronWeekly

Crypto World News

  • Home
  • Education
    • Best TRON Wallets
    • Beginner’s guide to TRON
  • Opinion
    • Tron Tokens
    • Market Analysis
  • Industry
    • Tron Exchange
    • Project Review
  • Press Release
  • Advertise
  • About us
    • The Team
    • Editorial Policy
    • Write for us
    • Privacy Policy
    • Disclaimer
    • Terms and Conditions
    • Contact
You are here: Home / News / Altcoin News / Ripple allegedly moves one Billion XRP from secret Bill Clinton escrow wallet
Ripple

Ripple allegedly moves one Billion XRP from secret Bill Clinton escrow wallet

July 1, 2019 by Ali Raza

A recent transfer from an escrow account that is held by the Ripple founders has caused a bit of scene in the cryptocurrency community. The billion XRP has been unlocked from a wallet that many thinks belong to the founders, and while this has caused a bit of scene, regular followers of the company find it to be non-news.

https://twitter.com/XRPL_Monitor/status/1145482175464247296?s=19

Coin Metrics report has been fired up

There has been a lot of blowback from the crypto community regarding Ripple’s escrow movements since Coin Metrics released a statement saying that the company under-reported the amount of XRP released. The amount that went unreported was about 200 million XRP or $84 million in US Dollar value.

The report also found that the “escrow queue” as it is called, is different from what was advertised. The escrow queue is the rate at which money is released from the escrow accounts that are held by Ripple. Coin Metric found that the money was being released faster than the schedule that was announced.

The critical factor and the reason why people are up in arms today is that Coin Metrics noted that other parties that are potentially connected to Ripple had released around 55 million XRP from unknown escrow accounts that are not tied to the main Ripple escrow account. The news got released back in May of this year, and today, a billion XRP tokens have been released from an account held by an anonymous user – BillClintonSecret.

🔓 🔓 🔓 🔓 🔓 🔓 🔓 🔓 🔓 🔓 1,000,000,000 #XRP (392,024,346 USD) unlocked from escrow at Ripple Escrow wallet

Tx: https://t.co/lCGjijkVyq

— Whale Alert (@whale_alert) July 1, 2019

Many think that this is another example of a third party profiting off of Ripple’s users and backers. However, many have leaped to the defense of the company and say that the release is just another normal one. Others aren’t so sure. The Ripple Twitter account being quiet on the issue isn’t a great sign either.

https://t.co/eIHkiOIJTr pic.twitter.com/0jRrd38eJS

— XRPElites 🇺🇸💯MAGA 🇺🇸 (@XRPElites) July 1, 2019

Ripple ramps up with business activities

The 50 million dollar investment in MoneyGram that Ripple executed was only one of a few steps that the company has taken in the recent past. It recently announced a partnership with London-based Coinfirm. The latest company shaking hands with Ripple has been founded to provide AML services to cryptocurrency companies under FATF guidelines.

Coinfirm’s system searches where accounts are held and based on the laws and regulations on the jurisdiction where the account is held, it halts money-laundering. As an example, two anonymous accounts transfer a large amount of cryptocurrency. One is from an exchange in a lax jurisdiction; the other is from Switzerland or Japan. The system then automatically determines the risk of the action being part of a money laundering scheme or not.

Ripple is among the first ones to sign up with Coinfirm, and in the face of praise-worthy partnership with money remittance firm Moneygram and a host of Japanese banks – this simple step will help the blockchain firm remain a legitimate contender in the fintech space.

The future holds several questions on how Ripple’s escrow situation will play out, but on all other sides, the company is firing on all cylinders and is quickly positioning itself as one of the premier fintech solutions for this new era of Internet finance.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

Never miss our daily cryptocurrency news, price analysis, tips, and stories. Join us on Telegram | Twitter or subscribe to our weekly Newsletter.

Filed Under: Altcoin News Tagged With: Crypto Whale, Moneygram, Ripple (XRP)

Primary Sidebar

Recent Posts

  • Habits to Help You Learn Better March 30, 2023
  • Cryptocurrencies to explode in 2023 – Don’t miss out on Hedera (HBAR) and Collateral Network (COLT) March 29, 2023
  • Ripple CTO Addresses Concerns Over XRP As A Security: A Twitter Debate  March 29, 2023
  • India’s Crypto Tax Collection Grosses $19M In FY23: Report March 29, 2023
  • Cardano Breaks Free: 11% Surge & Whales Accumulate 1.03B ADA In 5 Months March 29, 2023

Footer

News

  • Altcoin News
  • Bitcoin News
  • Blockchain
  • Tron News
  • World

Digest

  • Meet the Founder
  • Price Winning Article
  • DeFi
  • Cyber Security
  • Crypto Scam

Industry

  • Project Review
  • Technology
  • Fintech
  • Tron Exchange
  • New in Town

Tron Universe

  • Event and Tron Parties
  • New in Town
  • Tron Tokens

Follow Us

Subscribe US

Copyright © 2023 · Tron Weekly. All Rights Reserved. NOTE: Tron Weekly is an independent crypto news site that adheres to the strict journalism policy anchored on transparency, trust, and objectivity, we have no affiliation with the TRON Foundation, its founder Justin Sun or any other cryptocurrency firm.