Ripple (XRP) co-founder’s crypto wallet compromised, lost $112 million 

Chris Larsen became the latest victim of crypto wallet hacking attacks. Reportedly hacker(s) successfully hacked nearly $112 million worth of XRP coins.

Ripple is a San Francisco headquartered blockchain firm which is mainly known for its XRPL (XRP) crypto project and XRPL technology backed cross-border payment services. Since Dec 2020, Ripple has been under huge legal conflict with the United States Securities and Exchange Commission (SEC).

On 31 Jan 2024, Popular crypto detective ZachXBT reported that one of the crypto wallet addresses linked with Ripple blockchain firm was accessed by an unauthorised actor. 

According to ZachXBT, hacker(s) hacked 213 million XRP, worth nearly $112.5 million at the current trade price of XRP coin, & used multiple crypto exchanges to launder his money into white money.

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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

Chris Larsen, Co-founder and Executive Chairman of Ripple, responded on this matter and admitted that such an incident occurred with them but clarified that the hacking incident was not associated with Ripple, instead it was a personal crypto wallet.

Furthermore, he said that they already informed all the crypto exchanges, used by the hacker to launder the stolen money.

Yesterday, there was unauthorized access to a few of my personal XRP accounts (not @Ripple) – we were quickly able to catch the problem and notify exchanges to freeze the affected addresses. Law enforcement is already involved. https://t.co/T3HtKSlzLg

— Chris Larsen (@chrislarsensf) January 31, 2024

Following such reports, some people claimed that Ripple’s services were not secure enough, as they failed to keep their own funds safe. 

In response to such creepy comments, Ripple CEO Brad Garlinghouse said that none of the Ripple-managed crypto wallets was compromised.

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

XRP Price Action

Following this report, the trade price of XRP coin crashed by 2.8% but later recovered, following the clarification of the information. 

$xrp trading like theres some news coming… pic.twitter.com/hszJWd2SGi

— vooidds.eth (@vooidds) January 30, 2024

The current trade price of XRP coin is $0.49 & this trade price is 2.5% down over the last 24 hours trade price.

Read also: Standard Chartered expert says the SEC will approve Ethereum spot ETF by May 2024

Ripple (XRP) co-founder’s crypto wallet compromised, lost $112 million 

 

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