Uphold Transfers 500M XRP in Five Large Transactions

A massive transfer of 500 million XRP worth $649M occurred on September 17th, with five fresh addresses receiving equal amounts from Uphold. Each of these addresses was activated by Uphold just hours before receiving the funds.

The Uphold wallet labeled (12) sent out five payments of exactly 100 million XRP each to the new addresses within a span of 16 minutes. The receivers were all linked back to Uphold, with account data showing that Uphold had activated them earlier in the day by sending small amounts of XRP - ranging from 60 to 100 XRP.

This move has raised questions about whether it was an institutional desk executing a pre-arranged order or simply an internal cold-storage split. The activity is reminiscent of a big client exit, but the ledger alone cannot confirm this. Uphold's balance decreased by around $649M after the transfer, with their XRP holdings now sitting at approximately 962.9 million.