A storm is brewing in the XRP community as blockchain analysts and cryptocurrency commentators criticize Ripple Labs for secretly offloading millions of XRP through dark intermediary wallets—contrary to the company's public assurances about its escrowed reserves.

The allegations, starting with suspicious transfer amounts from exchanges to wallets and the recent $300 million treasury transaction with Webus International, once again raise questions about transparency and regulatory compliance at this San Francisco-based company.

Allegations: Escrow unlocks, Hidden cash flow

At the heart of the dramatic events are Ripple's monthly escrow releases. While the company has previously asserted that 55 billion XRP (55% of circulating supply) is bound in escrow contracts, critics have pointed to on-chain evidence of small portions of these unlocked tokens being sent to untagged addresses before reaching exchanges.

The blockchain analysis company Santiment tracked a series of transactions in early June when 120 million XRP ($54 million) was transferred from a known Ripple escrow account to an unidentified wallet labeled "rP4X2.sKxv3". Within hours, this amount was divided into smaller batches and sent to Bitstamp, Bitso, and other exchanges — a trend that some attribute to previous sell-offs.

"This is not about scheduled unlocks. The issue is Ripple using hidden wallets to conceal organizational sell-offs."

— @Crypto_Sleuth_2025 (June 5, 2025)

Webus connection: A compliance backdoor?

The scandal erupted after Asian mobile company Webus International Ltd. revealed a $300 million XRP treasury managed by SEC-registered advisor Samara Alpha. Cryptocurrency analyst Darkhorse believes such an arrangement allows Ripple to sell XRP to intermediaries like Samara, which then sells the tokens to enterprise customers—circumventing the 2024 court ruling on direct sales to institutions without SEC approval.

"Ripple's 'compliance by design' backdoor allows them to move XRP without triggering securities laws. It is structured, not coincidental."

— @Darkhorse (June 4, 2025)

Ripple denies any partnership with Webus, claiming they "do not control third-party XRP purchases." However, the blockchain analysis firm ChainArgos has observed a group of wallets connected to both Ripple and Samara Alpha, raising suspicions of coordination.

Ripple's response: "Fiction over fact"

In response to NewsBTC, Ripple's CTO David Schwartz dismissed these allegations as "conspiracy theories," firmly asserting that every escrow release is pre-planned and transparent.

"The XRP ledger is public. Every transaction is visible. Suggesting that we are secretly dumping tokens disregards both our data and our legal obligations."

— David Schwartz, CTO of Ripple

The company also referenced its Q1 2025 Market Report, which identified XRP sales as $240 million — all of which were ODL (On-Demand Liquidity) transactions, not open market sales by institutions.

Divided community: Genius or evasion?

XRP holders are divided. Some applaud Ripple's alleged genius in navigating legal hurdles, while others worry that stealthy sell-offs will continue to push prices down.

"If Ripple is dumping through proxies, retail investors will be holding the bag. It's time for an independent on-chain audit."

Meanwhile, Ripple-supporting commentators like Jay Nisbett argue that these criticisms are exaggerated:

"Webus buying XRP through Samara is just the company's acceptance. It's no different than MicroStrategy holding Bitcoin."

What's next?

With a 12% price drop since June 1, investors are advised to closely monitor two measures:

  • Escrow wallet activity: Unlocking or suspicious transfers could be signs of money movement.

  • Net flow on exchanges: Long-term flows without retail selling pressure could indicate institutional selling.

Regulators are also watching. The SEC is currently in court fighting Ripple but may look into the Webus-Samara structure for securities law issues.

As allegations mount, this is certain: in cryptocurrency, even the "most transparent" blockchains cannot shake the shadow of doubt without disclosure.