On October 29, Binance recorded a net outflow of 226 million XRP, a level 2.72 times higher than the 83 million units seen in September 2022. CryptoQuant identified 283 million XRP in large-transfer outflows from the exchange on the same day.
Whale Activity
TRM Labs traced approximately 233.46 million XRP from five Binance wallets to an address controlled by the attacker, while Elliptic reported a similar figure of about 233 million XRP in related transfers. Large withdrawals above one million XRP fell to 14.7 million on October 30, a 94.8% decline during the withdrawal suspension.
Resumption of Withdrawals
When Binance began restoring withdrawals in phases on November 1, large-transfer outflows rose to 80 million XRP, 5.44 times the October 30 level. The overall whale net flow remained negative at roughly 50 million XRP.
CryptoQuant noted that moving the asset off the exchange could reduce the immediate supply available for sale and ease short‑term selling pressure.
Security Breach Context
The breach, which resulted in an estimated $6.3 billion in stolen digital assets, is described as the largest crypto heist in history. Initial reports suggested a compromised employee laptop, and the FBI later attributed the attack to a North Korean state‑sponsored group known as “TraderTraitor.” Binance has indicated it has covered about 95% of the stolen assets, with the remainder expected to be recovered over time.
Market Impact
Following the breach, XRP’s price fell from above $1.30 to $1.20 within hours, later recovering to around $1.25. Spot XRP ETFs closed October with $18.83 million in inflows, driven largely by activity in the final two weeks of the month.
