A wallet labeled “Binance Hack 2026” transferred 40 million XRP, valued at approximately $50.49 million, to another anonymous account also labeled “Binance Hack 2026.” The on-chain movement indicates that the funds associated with the reported security breach are being actively utilized and transferred rather than left inactive in their initial wallets. The transfer does not confirm that the assets have been liquidated or moved to an exchange.
Withdrawal Surge and Suspension
At the end of October, a sharp increase in large XRP transfers occurred. During this period, roughly 283 million XRP were withdrawn from Binance, with whales’ net outflows reaching 226 million. Investigators concluded that around 233 million XRP were sent to external accounts using compromised Binance accounts.
Following the identification of the compromised accounts, Binance suspended withdrawals. This action resulted in a 94.8% drop in large XRP withdrawals, which fell to 14.7 million on October 30. On November 1, after withdrawals resumed, the volume increased back up to 80 million XRP.
The movement of these large quantities of XRP off exchanges could potentially decrease the amount of the token held on exchanges, thereby limiting short-term selling pressure. However, the use of compromised accounts complicates the interpretation of this activity as accumulation. The uncertain nature of the recent security breach may contribute to continued volatility in XRP.
ETF Inflows and Asset Decline
Despite concerns over hack-related movements and potential decreases in exchange liquidity, institutional flows into XRP spot ETFs have remained resilient. Weekly inflows into these products totaled $4.32 million by the end of October. This inflow followed a one-week withdrawal of $1.84 million that occurred on October 16.
Prior to the end-of-October inflows, the ETFs attracted $11.31 million during the week ending October 9. Cumulative net inflows into XRP ETFs have reached $1.81 billion. Investors have continued adding capital to these investment vehicles despite ongoing market issues and uncertainty surrounding the asset.
Total net assets in XRP ETFs declined from $1.66 billion at the start of October to $1.42 billion by the end of the month. This decline occurred as XRP’s market value weakened. The contrast between fresh institutional buying and falling net assets indicates that new inflows have not fully offset valuation losses, leaving ETF demand supportive but insufficient to reverse broader price pressure.
Frequently Asked Questions
How much XRP did the ‘Binance Hack 2026’ wallet move?
The wallet transferred 40 million XRP to another anonymous account. The value of this transfer was approximately $50.49 million.
What was the impact of Binance’s withdrawal suspension on XRP outflows?
Binance’s suspension of withdrawals caused a 94.8% drop in large XRP withdrawals, reducing them to 14.7 million on October 30. Withdrawals rose to 80 million XRP on November 1 after the suspension was lifted.
