A breach targeted Mr. Larsen's personal XRP account, resulting in the theft of a large amount of funds. This topic of “Ripple hacking” has sparked widespread discussion in the cryptocurrency community about the safety of digital assets and the measures needed to protect them. Has Ripple been hacked?
Has Ripple been hacked?
Contrary to initial reports, Ripple Labs itself was not the victim of the $112 million XRP hack. Instead, Ripple co-founder Chris Larsen revealed that the theft occurred from his personal XRP account. On-chain detective ZachXBT initially raised the alarm about the unusual leak of approximately 213 million XRP from an address linked to Ripple Labs. However, it was later revealed that these transactions were unauthorized access to Larsen's personal account, not Ripple's corporate wallet.
What happened to the Ripple co-founder?
Ripple co-founder Chris Larsen acknowledged the security breach and said his personal XRP account was compromised. He said the issue was quickly identified, the exchange was alerted to freeze the affected addresses, and law enforcement was immediately involved. The stolen funds were laundered and traced through various crypto exchanges including Gate, Binance, Kraken, OKX, HTX, HitBTC, and MEXC. Notably, the trade took place over the course of a day, from early morning until late Tuesday, and was not made public until ZachXBT's social media post.
Ripple Hack: Is XRP safe?
This incident has raised concerns about the safety of XRP. The hack targeted Larsen's personal account rather than Ripple's corporate assets, suggesting the broader XRP network remains secure. Ripple Labs has confirmed that its systems are not affected by this breach. However, the incident has prompted calls from Ripple's co-founders for more transparency regarding cryptocurrency wallets and XRP holdings.
How did the crypto community react?
News of the hack initially caused a sharp drop in the value of XRP, which fell more than 5% after posting on social media. However, the market has since shown signs of recovery. Founded in 2012, Ripple, whose token XRP boasts a large market capitalization, aims to become a major player in payments and enterprise infrastructure. The hack is the largest crypto theft so far in 2024 and one of the largest incidents in history, causing concern in the crypto community.
What's the next step?
In the aftermath of the hack, we have been actively working with law enforcement and cryptocurrency exchanges to address the situation. Exchanges such as Binance and Kraken have expressed their awareness and involvement in supporting the investigation. This incident highlighted the importance of robust security measures for personal cryptocurrency accounts and the need for vigilance in the crypto space. As investigations continue, the cryptocurrency community remains vigilant about the impact of such security breaches and the impact on markets and individual holders.
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