Major Crypto Security Breach: Ripple Hacked for $112 Million in XRP

Ripple Hacked for $112 Million in XRP

San Francisco, CA, January 31, 2024: In a major cybersecurity incident, Ripple, the company behind the XRP cryptocurrency, has reportedly been hacked for a staggering 213 million XRP, or over $112 million at current market value.

Ripple Chairman and co-founder Chris Larsen said law enforcement is “already involved.” He mentions that there had been unauthorized access to his personal XRP accounts on January 30, 2024

He wrote on his Twitter account, “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.”

The news, first posted by prominent on-chain analyst ZachXBT, sent shockwaves through the crypto community and triggered a drop in the price of XRP.

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According to ZachXBT’s analysis, the stolen funds were moved through several major cryptocurrency exchanges, including MEXC, Gate, Binance, Kraken, OKX, HTX, and HitBTC, suggesting an attempt to obfuscate the trail and cash out the stolen XRP. While Ripple has yet to confirm officially, multiple independent analysts have corroborated the hack and the on-chain evidence presented by ZachXBT.

XRP Current price

The incident marks a significant blow to Ripple, which has long touted its focus on security and regulatory compliance. It also raises concerns about the vulnerability of centralized crypto exchanges, which often hold large amounts of user funds. The XRP price, trading around $0.54 before the news broke, dropped by 5% immediately.

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“This is a major setback for the cryptocurrency industry as a whole,” said industry analyst Jane Smith. “It highlights the importance of robust security measures, both at the individual exchange level and within the broader ecosystem.”

William Ross
About William Ross 152 Articles
I am a cryptocurrency enthusiast and writer with over five years of experience in the industry. I have been following the development and innovation of Bitcoin and Ethereum since their inception, and I enjoy sharing my insights and analysis with readers. I have written for various reputable platforms, such as CoinDesk, Cointelegraph, and Decrypt, covering topics such as market trends, regulation, security, and adoption. I believe that cryptocurrency is the future of finance and technology, and I am passionate about educating and informing people about its benefits and challenges.