Rajarshi Mitra
Independent Analyst
- The Whale Alert Twitter account tracked the Ripple tokens leaving the exchange.
- Bitstamp had earlier announced that BitGo will provide secure storage for its crypto assets.
The Whale Alert Twitter account tracked 800 million XRP sent from the Bitstamp exchange to unknown wallets in less than half an hour. The transfers happened as such - three transactions for 200 million XRP each, one transaction of 50 million XRP, and finally one transaction of 150 million XRP. According to Bitstamp, these transfers were a part of their arrangement with BitGo to provide more secure storage.
Bitstamp had earlier announced that BitGo will provide secure storage for the exchange’s crypto assets. According to the exchange:
We will start transferring assets to BitGo’s wallets on 10 October 2019. Our customers will not be affected by this and you do not need to take any action. The security of our customers’ funds is always our highest priority at Bitstamp. With BitGo Custody, Bitstamp’s assets will be secured on 100% cold storage technology in bank-grade class III vaults and protected by BitGo’s $100 million (USD) insurance policy.
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