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Ripple’s CTO pours cold water on CoinMetrics report calling it a timeline issue



Ripple’s CTO pours cold water on CoinMetrics report calling it a timeline issue
Source: Pixabay

Cryptocurrency data and network provider CoinMetrics,reported that Ripple Labs misinterpreted the amount of XRP in their escrow account.

“Coin Metrics found several important discrepancies between what was publicly reported by Ripple and what was visible on the XRP ledger,” the report summarized.

Ripple Labs allegedly, under-reported the number of XRP released from escrow by a total of 200 million XRP while implementing the escrow queue differently than announced. The report suggested that 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. 

The CoinMetrics report, also revealed that, when escrow queue is implemented differently than announced it leads to a faster future release of escrowed funds compared to the announced schedule. 

CoinMetrics also revealed that,Ripple Labs did not respond to repeated requests for clarification of researchers’ concerns.

 Coin Metrics concluded the report by adding,

“Compared to traditional assets and currencies, most crypto currencies’ supplies and behaviours can be audited to a much greater degree of precision.”

Ripple’s Chief Technology Officer, David Schwartz rejected the CoinMetrics report addressing it as a timeline issue.

He also added that the firm yanked the timeline in 2018 to imitate trades taking place every month of the quarter instead of linking returns to date of the early escrow release. In addition, Schwartz tweeted that ripple is planning to add additional languages to future market reports to ensure transparency.

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Chayanika is a full-time cryptocurrency journalist at AMBCrypto. A graduate in Political Science and Journalism, her writing is centered around regulation and policy-making regarding the cryptocurrency sector.