Ripple Co-Founder Suffers Hack, Loses Over $112 Million XRP

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Ripple Co-Founder Suffers Hack, Loses Over $112 Million XRP

Last updated on May 18th, 2024 at 12:12 pm

Chris Larsen, the co-founder of Ripple has confirmed a hack on his account leading to the loss of over $112 million in XRP. Following this incident, the price of the token dropped significantly by over 4%.

In a sad development, Chris Larsen, the co-founder of the blockchain giant Ripple, has stated that there was unauthorized access to several of his XRP accounts. He made this known earlier today via a post on his X (formerly Twitter) account.

According to him, they were able to quickly identify the breach and notified exchanges to freeze the related addresses. Furthermore, he stated that law enforcement has already been involved.

ZachXBT, an independent on-chain investigator, reported that the perpetrators made away with 213 million XRP (worth $112.5 million). In addition, he pointed out that the stolen funds were laundered through several cryptocurrency exchanges including MEXC, Gate, Binance, Kraken, OKX, HTX, HitBTC, and others.

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Notably, Larsen clarified that the attack was personal and not against the company Ripple.

XRP price reaction

Meanwhile, the price of XRP – the sixth-largest cryptocurrency by market cap, experienced a sharp decline following the revelation. The value of the token has dropped by over 5% over the last day.

According to data from Coinstats, the token is currently changing hands at $0.51 representing a 3.2% decline at the time of writing. The market did, however, exhibit some resiliency, as XRP soon recovered some of its losses.

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At press time, XRP has a 24-hour trading volume of $1,171,037,509 ($1.1 billion) and a live market cap of $27,743,877,822 ($27.7 billion).

The breach underscores the need for security awareness in the crypto community. As cryptocurrencies gain popularity and acceptance globally, security threats continue to increase. The safety of your asset is your responsibility.

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Victor Nnamdi Igbor "Swaezy" is a crypto enthusiast and writer with over 8 experience in blogging. He is an easy person and when not working, loves to have a good time.