It has been a few hours over 2 days since Indian Cryptocurrency Coindelta exchange closed operations. Users have been moving their funds to different exchanges. We followed the outgoing transactions on XRP ledger.
Following the trail of XRP
XRP is undoubtedly one of the easiest cryptocurrency asset to track. All exchanges have one or two addresses and all the users of the exchanges have unique tags. That makes tracking the movement of XRP in and out of an exchange very easy.
We called in Urisoft’s founder Smit Khakhkhar to help us out in tracking outgoing XRP transactions from Coindelta. Why? To assess the impact of WazirX and Bitbns’s decision to refund Coindelta’s exorbitant withdrawal fees.
At about 5:00 PM IST today, after 53 hours of Coindelta’s announcement to shut down the exchange we extracted the data again – The first time we did it was at 9:00 AM today for the Crypto samachar episode.
A total of 1071 XRP transactions were made from Coindelta’s XRP wallet. A total of 1065728.71 XRP were withdrawn from Coindelta. Where was it sent to?
Where are CD users sending their XRP?
Of all the major Indian exchanges I had hoped the biggest chunk would be going to WazirX and Bitbns, due to their offer to refund coindelta’s withdrawal fee of 10 XRP. However, to our surprise 26.7% of outgoing XRPs were sent to Binance, closely followed by Koinex, receiving a whopping 24.4%.
Binance received 2.84 lakh XRP. Koinex received 2.6 lakh XRP. WazirX received 1.64 lakh XRP. Bitbns received 97567 XRP. The remaining XRP went to exchanges like CoinDCX, Coinbase pro, Bitfinex, and several other.
Coindelta received 10710 XRP in fees
Upon announcing the closure of their exchange, Coindelta hiked the fees for withdrawal. In certain cases it was hiked 2-3x, for XRP, fee hiked a whopping 100x, from 0.1 XRP to 10 XRP per withdrawal.
If we calculate each and every withdrawal paid 10 XRP fees to coindelta, the exchange received 10710 XRP in fees, equivalent to ~ INR 235000.
Users and influencers on social media aren’t happy about the fee hike and calling out Coindelta.
Despite a withdrawal of ~10.66 lakh XRP, there are still 3.94 lakh XRP in the Coindelta wallet.
There are also some incoming transactions. My best guess would be that since Bitbns and WazirX are only refunding fees if the transaction is above INR 25000 in value, people are first sending balance XRPs to coindelta and withdrawing the whole amount.
On Coindelta’s ETH wallet, there are still ETH and ERC20 tokens worth ~ $189000 (~1.3 Cr INR).
Coindelta will allow withdrawal requests from the exchange only April 29, 2019. Following which a user must write to Coindelta support for withdrawals.
Have you withdrawn your funds from coindelta? Let us know in the comments below.
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