XRP drops 5% due to information about unauthorized access – co-founder’s personal account compromised in hack
XRP (XRP) fell more than 5% on January 31 amid speculation that $112.5 million worth of shares may have been hacked.
Chris Larsen, Ripple’s co-founder and chairman, subsequently had his “personal XRP account” hacked, but Ripple itself was not hacked. I posted that it wasn’t on X (Twitter).
“We discovered the issue quickly and were able to notify the exchange to freeze the affected addresses. Law enforcement has already been contacted,” Larsen wrote.
The incident was first brought up by ZachXBT, who monitors blockchain activity, who told X that 213 million XRP had been withdrawn from wallets on the XRP Leger blockchain. The recovered XRP was laundered through several cryptocurrency (virtual currency) exchanges, including Binance, Kraken, and OKX.
@Ripple appears to have been hacked for approximately 213 million XRP ($112.5 million).
Source address rJNLz3A1qPKfWCtJLPhmMZAfBkutC2Qojm
So far, stolen funds have been laundered through MEXC, Gate, Binance, Kraken, OKX, HTX, HitBTC, and others. pic.twitter.com/HKGYsLQeMv
— ZachXBT (@zachxbt) January 31, 2024
According to CoinMarketCap, XRP is the sixth-largest cryptocurrency by market capitalization and the native cryptocurrency of XRP Leger, a blockchain specialized in payments. XRP Leger is also the foundation of RippleNet, a cross-border payments platform specialized for financial institutions.
At the time of this writing, XRP is trading at $0.497, according to data from CoinDesk.
｜Translation/Editing: CoinDesk JAPAN Editorial Department ｜Image: CoinDesk ｜Original article: Ripple XRP drops 5% after executive hacking, sparking rumors of network infringement
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