5.5B XRP 'drained' from Upbit? On-chain data points to API glitch

- Claims Made About 5.5 Billion XRP Outflow from Upbit - On-Chain Data Suggests Possible Technical Error [Unblock Media] A claim that 5.5 billion XRP (Ripple) tokens were drained from Upbit has caused significant controversy within the cryptocurrency community. On June 24, Abs, the host of Good Morning Crypto, drew attention with a tweet stating, “BREAKING: 5.5 BILLION $XRP WAS JUST DRAINED FROM UPBIT EXCHANGE!” According to on-chain data from CryptoQuant, the amount of XRP held by Upbit reportedly plummeted from approximately 6 billion to less than 1 billion within a short period. This raised suspicions of a potential large-scale withdrawal event. However, analysis from channels such as Times Tabloid revealed that a trace of wallets associated with Upbit still showed many wallets holding hundreds of millions to over a billion XRP each. This implies that the XRP assets may not have actually left the exchange, but instead, the data could have been misreported due to a system glitch or API error. Nevertheless, the charts rapidly spread online, stirring unease among investors and causing XRP's price to fluctuate significantly in a short period. Some analysts have warned that if such incidents recur, they could severely impact confidence in exchanges. They note that a similar situation in early 2025 at Upbit previously led to a rapid decrease in customer deposits and heightened concerns about the exchange. Some within the industry point out that a delayed official explanation of this incident could fuel short-term selling pressure. This could impact not only XRP but the overall cryptocurrency market. However, given that on-chain data suggests the incident was more likely due to a technical issue rather than actual asset movement, others believe it is simply a data error. At present, further evidence and official confirmation are needed to determine whether the claims stem from a mere system error or an actual outflow.