Ripple Labs co-founder and executive chairman Chris Larsen shifted about 50 million XRP—valued at roughly $175 million—across several wallets between 17 and 23 July, according to blockchain analysis firm XRPScan. Two of the addresses were later traced to crypto exchanges or third-party services, while the remainder were routed to newly created wallets. Larsen-associated wallets continue to hold more than 2.81 billion XRP, worth an estimated $8.4 billion at current prices. The large outflows coincide with a spike in fraudulent schemes targeting XRP holders. Ripple Chief Executive Officer Brad Garlinghouse warned users on 23 July about deep-fake videos and phishing campaigns impersonating company officials and promising giveaway returns. Ripple reiterated that it never solicits token transfers from investors and urged heightened vigilance. XRP, the token underpinning Ripple’s cross-border payments network, briefly approached its record high of $3.40 earlier this week before sliding about 12% amid a broader market pullback. Analysts are watching whether Larsen’s transfers add selling pressure as scam activity intensifies around the token’s recent rally.