News View Non-AMP

Ripple On the Verge of Burning All XRP Held in Escrow Wallets Say Former Ripple Director

Published by
Elena R

Former Ripple Director Matt Hamilton dropped a bombshell, stating that Ripple might have the power to burn all the XRP tokens locked away in its escrow wallets. This revelation injects a fresh dose of complexity into Ripple’s ongoing legal tussle with the SEC.

Ripple’s Hidden Power to Burn

Hamilton, a former Ripple Principal Developer Advocate, shared his insights on the ongoing litigation. He suggested that Ripple, with its technical prowess, could make its future escrow funds practically untouchable by disabling the master key for the accounts set to receive the escrowed tokens. 

This concept of “burning” XRP introduces a novel dynamic, making the tokens essentially unusable, even to Ripple itself.

The concept of burning XRP tokens took center stage following the SEC’s request to destroy LBRY Credits (LBC) tokens in a recent lawsuit. This sparked a debate within the XRP community, questioning whether Ripple could be compelled to burn the XRP in its escrow. 

Meanwhile, Ripple’s CTO, David Schwartz, entered the discussion, noting that while neither the court nor the SEC may have direct authority, consensus among XRPL validators could enforce such action.

Pro-XRP lawyer Bill Morgan added insights, emphasizing that a court order wouldn’t automatically bind XRPL validators, requiring a legal hearing for enforcement. This aligns with Ripple CEO Brad Garlinghouse’s prior statement in April 2021, suggesting the consideration of burning XRP tokens in specific scenarios for the benefit of the broader XRP ecosystem.

As Ripple navigates legal complexities, the potential decision to burn XRP tokens introduces a new dimension to its ongoing saga. 

Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

Recent Posts

Bitcoin Flashes Signs of $100K Retest: Can BTC Price Meet Buying Demand?

After dropping due to Donald Trump’s tariff plans, which caused an intense market sell-off, Bitcoin…

May 2, 2025

Ripple’s (XRP) Strategic Moves Dominate Headlines While Ruvi AI (RUVI) Prepares for Altcoin Season with 4,900% Prediction

While Ripple captures headlines with its billion-dollar XRP movement and rumored acquisition of Circle, Ruvi…

May 2, 2025

Elon Musk to Likely Integrate Crypto Payments Into X, Says Anthony Scaramucci

Elon Musk is once again making waves, this time with bold plans to transform X…

May 2, 2025

Coinbase’s Stake in Circle Could Block Ripple’s Alleged $20 Billion Offer

Ripple is back in the headlines, reportedly raising its acquisition offer for Circle, the issuer…

May 2, 2025

2 Best Crypto Deals to Take Advantage Of This Week

The digital currency market is booming; currently, two of its assets, both undervalued-Ethereum (ETH) and…

May 2, 2025

XRP News: Ex-SEC Lawyer Says Larsen-Atkins Meeting Today Won’t End Ripple Case

Ripple’s Executive Chairman and Co-founder Chris Larsen is reportedly scheduled to meet with new SEC…

May 2, 2025