The filing provides an analysis of financial risks and examines how the 2023 banking crisis affected XRP transactions processed through Tranglo, a key Ripple partner in Southeast Asia.

This was information I was not aware of from the form S-1 registration statement and prospectus filed by Currenc Group on 6 March 2025 which describes itself as one of the leading operators of global money transfers in Southeast Asia and which operates a remittance business… pic.twitter.com/izJWqFsBs3

— bill morgan (@Belisarius2020) March 17, 2025

Banking Challenges and Their Effect on ODL

The collapse of major financial institutions, including Silicon Valley Bank, Signature Bank, and Silvergate Bank in 2023, created substantial liquidity issues for Tranglo. These banks played a critical role in providing cash flow for cryptocurrency exchanges, and their failure disrupted XRP-based transactions.

According to the SEC filing, Tranglo faced difficulties when two partner exchanges, Independent Reserve and Coins.ph, experienced delays in converting XRP to local currencies. The liquidity shortage forced Tranglo to request that its ODL partners temporarily suspend XRP-based transactions. As a result, nine out of eleven ODL partners reverted to traditional fiat pre-funding methods to maintain operations.

The document underscores a key vulnerability in cryptocurrency-based liquidity systems. While digital assets can offer numerous advantages, their effectiveness depends on stable banking relationships and sufficient liquidity.

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XRP’s Role in Tranglo’s Cross-Border Payments

The SEC filing provides one of the most detailed explanations of Tranglo’s ODL system. Morgan drew attention to pages 82 through 85, which describe how XRP is used within Tranglo’s network for international transactions. A diagram in the document confirms that XRP remains a core component of Tranglo’s operational framework.

Ripple’s ODL technology was designed to eliminate the need for pre-funded accounts by using XRP as a bridge currency, reducing transaction costs and settlement times. However, the disruptions caused by the banking crisis revealed potential weaknesses in this system when liquidity constraints arise.

The filing clarifies that XRP is a settlement asset within the ODL framework but is significantly affected by market liquidity and stable exchange relationships. During financial instability, these dependencies can temporarily limit ODL’s efficiency.

The Impact On ODL Adoption

The SEC filing also provides insight into ODL adoption trends in 2024. Data from the first nine months shows that only seven out of Tranglo’s ninety-three active customers used ODL for transactions. These transactions accounted for just 4.8% of Tranglo’s remittance revenue and 3.6% of total payment transactions.

Tranglo uses XRP for remittances, but the low adoption rate of ODL transfers indicates a cautious approach following the previous disruptions. This may extend to other partners.

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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On September 24, 2024, an address activated by the exchange Bitstamp initiated a series of major XRP transfers to a single wallet. In total, 383 million XRP were transferred across four separate transactions.

The first of these occurred at 16:07 UTC and involved a transfer of 98.852 million XRP, valued at approximately $57.8 million, between two unknown wallets. This was swiftly followed by three additional transfers of 95 million XRP each, valued at between $55.5 million and $55.8 million.

Following the completion of these transactions, the receiving wallet proceeded to transfer 1 million XRP to another unknown wallet. This further sparked speculation within the crypto community regarding the motives behind these movements and the potential market impact.

Additional Movements Raise Interest

Alongside these transactions, other significant transfers involving XRP were observed. The South Korean exchange Upbit transferred 30 million XRP, valued at roughly $17.4 million, to an unidentified wallet.

Whale Alert, a well-known tracker of large cryptocurrency transfers, flagged this transaction, further raising interest. Large-scale movements of XRP, particularly those initiated by whales, often suggest holding intentions, which can reduce the selling pressure in the market and may be interpreted as a positive indicator for the asset.

Concerns Surrounding Larsen’s XRP Transfers

Another key development involved Chris Larsen, the co-founder of Ripple and a major holder of XRP. Larsen moved 20 million XRP from his known wallet to a private wallet that had previously been associated with sales on Binance.

This action, coupled with subsequent transactions directed towards Binance, has fueled speculation about potential sell-offs, which could influence market dynamics and XRP’s price stability.

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Price Action and Potential Breakout

While the significant wallet movements have captured attention, XRP’s price behavior continues to be a focal point for market analysts. Sahintas, a well-regarded market analyst, has noted the potential for a strong upward breakout. His analysis suggests that while XRP remains volatile, it could approach or even surpass its previous all-time high in the future.

There is speculation that the current period of consolidation may pave the way for a larger move in the coming months. Analysts will continue to monitor both price action and significant transactions closely, as these factors could provide further insight into XRP’s future trajectory.

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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A key change involves the bridge currency used in ODL transactions for Ripple’s U.S. clients. Following the court ruling in July 2023, which classified non-institutional XRP sales as non-securities but determined that institutional sales were securities, Ripple has transitioned away from XRP.

Read Also: Latest Report: Ripple Reveals the Amount of XRP Left in Escrow

The filing clarifies that U.S.-based ODL services now use Tether (USDT) as the primary bridge currency. This strategic shift ensures compliance with current legal interpretations while minimizing disruptions for non-U.S. ODL users.

Internal Communication Sheds Light on Adjustments

An internal email from Ripple President Monica Long, shared on X by Crypto Eri (@sentosumosaba), a prominent XRP community member, provides further details on the transition.

Long emphasizes the immediate steps taken after the SEC ruling, pointing out that the company migrated U.S.-based ODL customers from XRP to USDT. This action demonstrates Ripple’s commitment to legal adherence.

No surprises here. Navin Gupta was the first Rippler I heard on a YT interview who mentioned that other digital assets would increasingly serve as #Ripplenet bridges in the future. And as for those channels claiming $USDT is a scam… Oh, the twists of life.
It's all about the… pic.twitter.com/0zlQ69pkWr

— Crypto Eri Carpe Diem (@sentosumosaba) April 23, 2024

Global Operations Remain Unaffected

While the U.S. market underwent adjustments, Ripple’s global ODL operations continued largely unaffected by the SEC lawsuit.  The filing highlights the crucial role of Ripple’s Singapore subsidiaries. These entities now handle most contractual relationships for XRP sales to new international ODL customers.

This strategic move leverages the licensing of Ripple Markets APAC Pte Ltd by the Monetary Authority of Singapore.  As Long explains, “To service our ODL customers, we should continue to leverage our foreign subsidiaries who are licensed by local regulators to lawfully conduct such activity.”

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Financial Implications of the SEC Lawsuit

The court filing also sheds light on Ripple’s financial reliance on XRP sales before the SEC lawsuit. Wrath of Kahneman (@WKahneman) shared the calculations of Ripple’s accounting expert Anthony Bracco, which revealed that, from April 1, 2014, through December 22, 2020, Ripple operated at a loss without revenue from XRP sales. This information underscores the significant financial impact of XRP sales on Ripple’s overall business during that period.

Read Also: Ripple vs SEC Lawsuit Update As of February 29, 2024 

While the redacted figures prevent precise analysis, the data suggests a strong correlation between XRP sales and Ripple’s financial stability.

The adjustments to Ripple’s ODL service demonstrate the company’s willingness to adapt to changing regulatory environments and stay within the confines of the law. This bolsters the company’s defense as the SEC cannot prove reckless disregard for regulation or harm to investors.

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The SEC’s current practice of going after crypto-focused companies and their cryptocurrencies has been criticized by many experts, and Gensler’s previous comments have added another reason for criticism of the regulator’s strategy. Some in the crypto community have also called for Gensler’s removal.

Read Also: Congressman Says Now Is A Great Time To Fire SEC Chair Following Pro-XRP Lawyer’s Critique

Ripple’s On-Demand Liquidity (ODL) and the SEC’s Classification of XRP

In 2018, Ripple, a company focused on cross-border payments, introduced its On-Demand Liquidity (ODL) solution, which leverages blockchain technology and the digital asset XRP, to facilitate faster and more efficient international transactions.

ODL garnered initial recognition from SEC Chairman Gary Gensler, who acknowledged its potential during an economic forum on blockchain’s impact on finance.

However, in 2020, the SEC took a starkly different approach, filing a lawsuit against Ripple, alleging that it sold XRP as an unregistered security.

This classification cast a shadow over Ripple’s operations and the development of ODL, raising concerns about the regulatory environment for blockchain-based assets. This lawsuit has severely harmed XRP’s adoption in the U.S. and has cost Ripple hundreds of millions of dollars.

Algorand (ALGO) Technological Prowess and the SEC’s Security Designation

Algorand, another prominent blockchain project, has also faced regulatory hurdles. In a 2019 presentation, Gensler praised Algorand’s technological capabilities, highlighting its potential for innovative applications. However, in April 2023, the SEC took a contradictory stance, labeling ALGO, Algorand’s native cryptocurrency, as a security.

This designation raised concerns within the Algorand community and the broader blockchain industry, as it could potentially stifle the development and adoption of the technology. The SEC’s actions have been met with criticism from some who argue that the agency’s approach to regulating blockchain technologies is overly cautious and stifles innovation.

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Read Also: Ripple CEO To Ex-SEC Chair Jay Clayton: “Watching this clip makes my blood boil”

The contrasting stances on XRP and ALGO highlight the challenges and opportunities associated with regulating blockchain technology. While the SEC’s role in protecting investors is crucial, its approach should not hinder the development of promising technologies that could revolutionize various industries, as it has done to XRP especially.

The SEC faces the delicate task of striking a balance between investor protection and fostering innovation, and according to Ripple co-founder Chris Larsen, the SEC will soon end its regulation by enforcement policy.

While regulatory oversight is essential, it should not stifle innovation. Finding this balance will require careful consideration of the unique characteristics of blockchain technologies and a willingness to adapt regulatory frameworks accordingly.

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The breach occurred on October 17, 2023, and was performed by a suspected hacker who conducted a series of transactions. This hacker exchanged 999,999.999 XRP 13 times and an additional 200,000 XRP. One of the transactions failed to complete, but the hacker got away with 12.2 million XRP.

To launder the stolen tokens, the hacker moved them to various exchanges, including WhiteBIT, OKX, OrbitBridge, Fixed Float, SimpleSwap, and ChangeNOW.

BREAKING: Coins suspected of losing 12.2 Million XRP ($6 million or ₱340.5 Million) in an exploit: https://t.co/nEYGENFxUt

We reached out to Coins because it has undergone maintenance for prolonged period this week.#CryptoPH #CryptoNewsPH #Crypto #Blockchain #Coinsph pic.twitter.com/bbH10nA353

— BitPinas (@bitpinas) October 21, 2023

WhiteBIT’s Response

WhiteBIT, in response to the situation, blocked 445,000 XRP that was sent to its platform upon request from Coins.ph. Furthermore, WhiteBIT has reached out to blockchain analytics and tracking firms to flag addresses linked to the stolen XRP.

Coins.ph has not issued an official statement regarding the breach or the actions they’ve taken to prevent such an incident from happening in the future. However, it is notable that the exchange continues to operate without disruption despite the security breach.

The CoinEx Hack

This unsettling occurrence comes on the heels of another cryptocurrency exchange, CoinEx, being targeted by hackers. The hackers made away with over 12.6 million XRP, which, at the time, was valued at approximately $6 million.

However, the breach at CoinEx was more extensive, resulting in a total loss of $54 million. The perpetrators also made off with other cryptocurrencies, including BTC, ETH, MATIC, BNB, SOL, BCH, and more. In response to this attack, CoinEx temporarily suspended deposits and withdrawals as it initiated an investigation into the hack.

The cryptocurrency market is no stranger to such security breaches, underscoring the importance of robust security measures and proactive response strategies for exchanges. Coins.ph and CoinEx are just two recent examples of exchanges facing the growing threat of cyberattacks.

Mixin Network had to suspend withdrawals and deposits after a $200 million hack in September, and the Exactly Protocol experienced a security breach in August, losing $7.2 million worth of ETH.

This string of attacks shows the need for vigilance and stringent security protocols in the crypto world. While the dust settles, we await a response from Coins.ph, it is essential for all stakeholders in the cryptocurrency space to prioritize security and take steps to mitigate the risk of future breaches.

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