Ripple CEO Offers Reassurance on System Security Following $112M XRP Hack
Story Highlights
Over 213 million XRP tokens, valued at a staggering $112 million, have been stolen.
The stolen funds quietly moved through various cryptocurrency exchanges.
Ripple co-founder Chris Larsen issued a statement confirming the unauthorized access and reassured that Ripple’s core infrastructure remained secure.
Ripple, a leading blockchain payment protocol, is grappling with the aftermath of a significant security breach. In a massive shocker to all, over 213 million
XRP
tokens, valued at a staggering $112 million, have been stolen, sending shockwaves through the cryptocurrency community.
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Security Breach Details
ZachXBT, a decentralized finance investigator, brought attention to the alarming news of a potential exploit within the Ripple protocol. About 213 million XRP, worth $112.5 million, fell victim to this security breach. The stolen funds quietly moved through various cryptocurrency exchanges, including MEXC, Gate, Binance, Kraken, OKX, HTX, HitBTC, and others.
It appears
@Ripple
was hacked for ~213M XRP ($112.5M)
Source address
rJNLz3A1qPKfWCtJLPhmMZAfBkutC2Qojm
So far the stolen funds have been laundered through MEXC, Gate, Binance, Kraken, OKX, HTX, HitBTC, etc
pic.twitter.com/HKGYsLQeMv
— ZachXBT (@zachxbt)
January 31, 2024
The revelation of the security breach triggered an immediate market response, with a 5% drop in the value of XRP within the first 24 hours. The cryptocurrency tumbled to $0.4853, causing concern among investors and enthusiasts.
Read More About It Here:
Ripple News: Inside the $112 Million XRP Hack; What Happened to Chris Larsen’s Account?
Here’s the Assurance You Need!
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 reassured that Ripple’s core infrastructure remained secure.
This is an isolated incident, and Ripple wallets are secure / were never compromised. We’ve confirmed nearly all the affected funds were converted out of XRP.
We’re working with law enforcement and have been advised that a significant portion of funds have been frozen, and are…
— Chris Larsen (@chrislarsensf)
January 31, 2024
He emphasized that Ripple’s core infrastructure remains secure, with law enforcement agencies actively engaged in resolving the matter. The response provided stability, leading to a recovery as XRP rebounded to $0.5085, marking a 3.4% decrease in the past 24 hours.
No Compromised Wallets
Following Chris Larsen, Ripple CEO
Brad Garlinghouse
provided some much needed reassurance to the XRP community.
Given some irresponsible speculation and reporting, I want to reiterate that NO Ripple-managed wallets were compromised. Full stop.
https://t.co/zxVeCH1Ut0
— Brad Garlinghouse (@bgarlinghouse)
January 31, 2024
As the situation evolves, the XRP community awaits the outcome of the
SEC’s Motion to Compel
court ruling, recognizing its potential impact on buyer demand for XRP. Ripple’s leadership remains committed to security, but incidents like this could severely shake user confidence.
Read More:
A Detailed Look at 5 Biggest Crypto Hacks of 2024 (So Far)
Tags
Hack
Ripple (XRP)