Unusual on-chain activity has electrified the XRP ecosystem, prompting speculation that Coinbase, the largest U.S. cryptocurrency exchange, may have secretly emptied its XRP reserves just a few days after it was reported that the exchange’s XRP reserve plunged 95%
Traders, analysts, and blockchain investigators rushed to public ledgers for answers. The movements they uncovered were indeed dramatic, but they do not support the sensational claim that Coinbase now holds “zero” XRP.
The Viral Claim
The uproar began when analytics account XRP_Liquidity posted on X that Coinbase’s XRP cold wallets had dropped to zero. The timing heightened intrigue: the activity started in June 2025, only days after Ripple CEO Brad Garlinghouse’s highly publicized wedding and as BlackRock expanded its footprint in the crypto market. Those coincidences fueled theories of institutional repositioning and large-scale custody shifts.
0 Coinbase Cold Wallets Remaining
Cold Wallets, remained static for years, began showing significant movements starting June 2025. Emptied just days after Brad Garlinghouse's wedding and around the time BlackRock is expanding its presence in the crypto ecosystem. https://t.co/02lO6GOhlg pic.twitter.com/EOLtEO7Kpw
— XRP_Liquidity (Larsen/Britto/Escrow/ODL/RLUSD) (@XRPwallets) September 24, 2025
What the Ledger Reveals
Public XRPL explorer data confirms a steep decline in Coinbase-tagged holdings. In early June, more than 50 Coinbase-labeled cold wallets together held nearly one billion XRP. Large sums of money were transferred in massive amounts over the summer.
By mid-September, only a handful of wallets remained, with balances reduced to mere tens of millions of XRP. The contraction is striking, yet it stops far short of a complete wipeout.
Vet’s Measured Rebuttal
Prominent XRPL validator Vet quickly countered the “zero wallets” narrative. In a direct response, Vet wrote: “I don’t think that’s accurate.” He elaborated with a pointed reminder about sound analysis:
“Whenever you do an analysis, you need to check whether the result makes sense. Are you going to believe Coinbase has zero XRP in their wallets while it’s being listed and traded on Coinbase?”
“Coinbase has probably new wallets that are not being tracked here. Those labeled Coinbase accounts are reports from the community, so you rely on people scouting their wallets. That’s not a guarantee of coverage of all exchange accounts.” Vet noted.
We are on X, follow us to connect with us :- @TimesTabloid1
— TimesTabloid (@TimesTabloid1) June 15, 2025
Vet’s remarks highlight a key limitation: exchange wallet labels on the XRP Ledger are community-sourced. New or reorganized custody addresses may not yet be identified, meaning any snapshot of “Coinbase wallets” can be incomplete.
The Takeaway
XRP_Liquidity’s alert accurately flagged a massive and market-relevant reduction in Coinbase-tagged cold wallets. A closer look, supported by Vet’s caution, suggests Coinbase’s XRP holdings likely still exist, but have been redistributed to unmapped addresses.
This incident serves as a warning to market participants: while social media can highlight market movements, without thorough verification, even strong on-chain evidence can be misleading.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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