Ripple Helps Shift 40 Million XRP While Its Legal Battle with the SEC Continues

Ripple Helps Shift 40 Million XRP While Its Legal Battle with the SEC Continues

Blockchain heavyweight Ripple and a minor crypto exchange have transferred 40 million XRP over the past 20 hours

Ripple fintech giant has wired an amount of funds close to $20 million worth of XRP. Meanwhile, key defendants in the SEC lawsuit against Ripple (Garlinghouse and cofounder Larsen) are striving to get the court to force the regulator to dismiss the lawsuits against them.

20 million XRP shifted to Ripple and Bitstamp

According to Whale Alert tracking service and XRPscan, Ripple crypto behemoth has sent 10 million XRP to one of its wallets, which is usually utilized for selling tokens: RL18-VN.

Previously, U.Today reported that this is one of the alleged extra escrow wallets used by Ripple.

The second transfer was conducted by the Uphold crypto exchange to Bitstamp—a major trading platform based in the EU, in Luxembourg, which serves as an On-Demand Liquidity corridor for Ripple.

An equal amount of 20 million XRP was sent in each of those transfers.

Image via Twitter

Ripple CEOs file motions to dismiss the legal suits against them

Lawyers for the current chief of Ripple, Brad Garlinghouse, have penned a letter to Federal Judge Analisa Torres in which the CEO signals he wants to dismiss the lawsuit initiated by the U.S. regulator against him in December 2020.

The letter stated that the SEC’s claim is “regulatory overreach.”

The former CEO who cofounded the company, Chris Larsen, has filed a similar letter to the judge, stating that the SEC has failed to prove that Larsen was aware of any potential legal issues that may have arisen regarding XRP when he was selling it to investors.

In those letters, lawyers have also repeated one of their long-standing arguments, in which FinCEN (Financial Crimes Enforcement Network) acknowledged XRP to be a virtual currency back in 2015.

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