Ripple News: $112 Million XRP Hack Targets Chairman’s Account

In an unexpected turn of events, 2024 has witnessed a staggering breach in cybersecurity—the most substantial cryptocurrency theft to date, involving a whopping $112.5 million in XRP. The targeted victim? None other than Chris Larsen, Ripple’s Executive Chairman.

Shockwaves have rippled across the industry. Dive into the details here.

Understanding the Heist

Blockchain analyst ZachXBT emerged as the bearer of unsettling news, revealing unauthorized access to Chris Larsen’s “personal XRP accounts.” The pilfered funds, totaling $112.5 million, were skillfully rerouted through a network of six distinct exchanges in an attempt to obscure their origins. This caused a more than 5% drop in the value of Ripple’s XRP token.

Larsen quickly took to X (formerly Twitter) to address the situation, confirming that the stolen funds originated from his private holdings, not Ripple-managed wallets. He assured the public that the issue was promptly identified, exchanges were notified to freeze affected addresses, and law enforcement was already involved.

XRP Price Takes a Hit

The network’s token, XRP, is now worth $27.4 billion, dropping about 4% after news of the hack. Ripple CEO Brad Garlinghouse vehemently dismissed media claims of a security breach within Ripple-managed wallets, emphasizing that the attack exclusively targeted Larsen’s accounts.

Read More About This: Ripple CEO Brad Garlinghouse Addresses $112M XRP Hack: Ripple’s Infrastructure Remains Secure

Community Remains Wary

Though Ripple’s CEO confirmed that the Ripple network was safe from the hack, it raises a big question about Larsen’s role. ZachXBT first noticed suspicious transactions, initially thinking it was Ripple. On January 30, eight transactions took place, ranging from 400,000 XRP ($200,000) to 69.7 million XRP.

ZachXBT pointed out some loopholes in XRP block explorers, erroneously linking Larsen’s compromised account to Ripple. Larsen’s key positions as Ripple co-founder and executive chairman were excluded from the community message, raising further suspicion. 

As the dust settles, XRP holders are calling for increased transparency, urging co-founders to disclose their crypto wallets and holdings. In a bold stance, podcast host Tony Edward suggests that Larsen should consider distancing himself from Ripple amid mounting concerns about his role in the incident.

An “Epic” Disaster

This significant security breach ranks as the most substantial cryptocurrency theft of 2024 and stands as the 20th largest in crypto history. The incident underscores the ongoing challenges and risks within the crypto space, prompting a call for increased security measures and transparency within the industry.

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