Coin Metrics Report Highlights Discrepancies in Ripple’s Escrow System Reporting
William Suberg's original article for cointelegraph.com reduced by 42%
Blockchain analysis company Coin Metrics has found discrepancies in blockchain payments network Ripple's escrow system reporting, according to a May 16 report. Coin Metrics, which conducts analysis of various aspects of cryptocurrency tokens, investigated Ripple and discovered what it said were contradictions that required an explanation. "Coin Metrics found several important discrepancies between what was publicly reported by Ripple and what was visible on the XRP ledger," the report summarized.
Other party/parties, potentially associated with Ripple, have released 55 million XRP from an unknown escrow address not connected to the main Ripple escrow account". According to Coin Metrics, Ripple did not respond to repeated requests for clarification of researchers' concerns. As Cointelegraph reported, the company has previously attracted criticism from commentators over the past year: in February, a separate report from trading platform BitMEX accused the company of being overly centralized.
"Compared to traditional assets and currencies, most crypto currencies' supplies and behaviours can be audited to a much greater degree of precision," Coin Metrics concluded.
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