On-chain data has revealed that Ripple co-founder and executive chairman Chris Larsen transferred $175 million worth of XRP across multiple wallets in the past week.
The asset movements, first flagged by on-chain investigator ZachXBT, took place between July 17 and July 23.
XRP transfers
According to blockchain data, Larsen sent 50 million XRP, valued at around $175 million, to four separate addresses. Two of these addresses, receiving 30 million and 10 million XRP respectively, were later linked to crypto exchanges or third-party services.
The remaining 10 million XRP was split evenly between two new wallets, each receiving 5 million XRP.
Despite these outflows, wallets tied to Larsen still hold over 2.81 billion XRP, which translates to more than $8.4 billion at current market prices.
XRP, the token underpinning Ripple’s cross-border payments network, recently surged near its all-time high of $3.40 before retracing by over 12% in the last 24 hours, in line with broader market correction trends.
Scam warnings
The timing of Larsen’s transfers coincides with a surge in XRP-related scams, prompting Ripple executives to issue renewed warnings.
On July 23, Ripple CEO Brad Garlinghouse took to X to caution the community about impersonators leveraging YouTube to promote fake giveaways and phishing campaigns.
According to him:
“Like clockwork, with success and market rallies, scammers ramp up their attacks on the crypto community — PLEASE BEWARE of the latest scam targeting the XRP family.”
While Garlinghouse didn’t reveal specifics, previous incidents have involved deepfake videos and fraudulent airdrops claiming to be from Ripple. Victims are often lured to fake websites that ask for wallet credentials, ultimately leading to asset theft.
Considering this, Ripple’s official X account stated:
“Ripple or our execs will NEVER ask you to send us XRP…Stay Vigilant.”
The warnings come as XRP activity rises, making the network a prime target for fraud during periods of heightened market attention.
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