At the end of October, a sharp rise in large XRP withdrawals was observed following a reported security breach at Binance. CryptoQuant data shows that approximately 283 million XRP were withdrawn from the exchange, with net outflows from whale‑controlled wallets reaching about 226 million XRP.
Investigators determined that roughly 233 million XRP were sent to external accounts using compromised Binance accounts. Binance subsequently suspended withdrawals, causing large‑withdrawal volumes to drop by 94.8 % to 14.7 million XRP on 30 October. Withdrawals rose again to about 80 million XRP on 1 November after the suspension was lifted.
Movement of Hack‑Linked Funds
One wallet labeled “Binance Hack 2026” transferred 40 million XRP, valued at around $50.5 million, to another anonymous wallet with the same label. Whale Alert reported that the funds were not left idle but moved on‑chain, though the destination and intent of the transfer remain unknown.
Monitoring subsequent transactions of the recipient wallet will be important for assessing any potential impact on exchange liquidity or selling pressure.
ETF Activity Amid the Turmoil
Despite concerns about reduced exchange liquidity, institutional interest in XRP spot ETFs persisted. SoSoValue data indicates weekly inflows of $4.32 million into XRP spot ETFs by the end of October, following a $1.84 million withdrawal on 16 October. The week ending 9 October saw inflows of $11.31 million, bringing cumulative net inflows to $1.81 billion.
However, total net assets of these ETFs fell from $1.66 billion to $1.42 billion during October as XRP’s market value declined, suggesting that new institutional buying has not fully offset valuation losses.
Outlook
The large XRP movements linked to the Binance breach add uncertainty to short‑term market dynamics. While ETF inflows demonstrate continued institutional interest, the overall decline in net assets highlights ongoing price pressure on XRP.
