Ripple CEO, Brad Garlinghouse, Assures the Safety of Ripple’s Infrastructure Following $112M XRP Hack
Ripple, the renowned blockchain payment protocol, is currently grappling with the consequences of a significant security breach. Reports of a potential exploit have resulted in the theft of more than 213 million XRP tokens, valued at a staggering $112 million.
The incident has sparked concerns about the overall security of the Ripple protocol and its potential impact on the wider cryptocurrency market.
Details of the Security Breach
Decentralized finance investigator ZachXBT was the first to bring attention to the security breach, revealing that approximately 213 million XRP, equivalent to $112.5 million, had been stolen from Ripple. The stolen funds were subsequently laundered through various cryptocurrency exchanges, including MEXC, Gate, Binance, Kraken, OKX, HTX, HitBTC, and others.
The news of the security breach caused a 5% drop in the value of XRP within the first 24 hours, plummeting to $0.4853.
Statement from Ripple Co-Founder
Ripple co-founder Chris Larsen issued a statement confirming the unauthorized access. Larsen clarified that the breach was an “isolated incident,” limited to a few of his personal XRP accounts, and assured that Ripple’s core infrastructure remained secure. Law enforcement agencies are actively involved in addressing the situation.
Larsen’s clarification contributed to a recovery, with XRP trading at $0.5085, experiencing a 3.4% decrease in the past 24 hours.
Following Larsen, Ripple CEO Brad Garlinghouse reiterated, “Given some irresponsible speculation and reporting, I want to reiterate that NO Ripple-managed wallets were compromised. Full stop.”
As the situation unfolds, the XRP community is eagerly awaiting the upcoming court ruling on the SEC’s Motion to Compel, as the outcome could impact buyer demand for XRP. Ripple’s CEO emphasizes the company’s commitment to security and emphasizes the need for accurate reporting in an industry susceptible to speculation.
Tags: Hack, Ripple (XRP)