Ripple co-founder Chris Larsen moved 50 million XRP worth around $175 million to exchanges right when the cryptocurrency’s price hit local highs. Such “perfect timing” didn’t go unnoticed — the crypto community accused him of openly dumping tokens.

Blockchain detective ZachXBT flagged suspicious transactions on July 24. It turned out that approximately $140 million of the transferred XRP went directly to centralized exchanges and services. When tokens are sent to exchanges, it usually means the owner is preparing to sell them.

“Wallets linked to Chris Larsen still hold more than 2.81 billion XRP worth $8.4 billion,” noted ZachXBT, responding to a user who wrote: “It’s amazing how many tokens they have, and people keep buying this crap.”

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Ripple Co-Founder Accused of Selling $175M XRP at Price Peak