- ZachXBT disclosed an incident involving Ripple, which led to the unauthorized acquisition of 213 million XRPs.
- Following ZachXBT’s report on the hack, XRP, trading at $0.4976 at the time, experienced a decline of over 5%.
- After ZachXBT’s disclosure of the hack, XRP, which was trading at $0.4976, witnessed a decrease of more than 5%.
In a recent development within the Ripple ecosystem, co-founder Chris Larsen’s personal XRP accounts were compromised, resulting in the theft of approximately 213 million XRP, valued at over $110 million. Despite initial misinterpretations suggesting a Ripple-focused attack, CEO Brad Garlinghouse and Larsen clarified that the Ripple wallets were not breached.
Crypto investigator ‘ZachXBT’ shared a post revealing the hack, indicating that the hacker attempted to launder the funds through various exchanges. Larsen confirmed the attack targeted his personal accounts, prompting him to take defensive actions and notify affected exchanges to freeze the compromised accounts.
Garlinghouse reiterated that Ripple-managed wallets remained secure, countering speculation and irresponsible reporting. Larsen emphasized the company’s proactive stance in addressing the issue and disclosed that most affected funds had been frozen and converted out of XRP.
Despite the clarification, the incident stirred controversy and impacted XRP’s value, dropping by over 5%. Community members raised concerns about Ripple’s delayed response until the incident was reported by the sleuth.
Following the news, XRP initially declined from $0.5 to $0.4955 but recovered slightly after Larsen’s statement. However, it experienced significant volatility, reaching a low of $0.4945 before settling at $0.4976, marking losses of 2.48% in a day and 3.42% in a week according to CoinMarketCap.
