According to Whale Alert, on October 7, there were 2,014,200 XRPs (worthing approximately $5.56 million) transferred from the XRP wallet "Funding Wallet 1" to Coinbase. Analyst Bithomp said the XRP wallet "Funding wallet 1" was activated by Ripple co-founder and former CEO Chris Larsen. The encryption community has speculated on the identity of this encrypted whale. Users on the XRP Forum XRPChat have speculated that Larsen is the sole owner of the wallet. Some cryptic traders on Twitter said the deal might be that Ripple itself sold some XRP shares to the exchange. It should be noted, however, that Ripple's XRP sales are typically performed from its known over-the-counter wallet.