Ripple News: CEO Assures System Security Post $112M XRP Hack

Published by

Qadir AK

February 1, 2024

Ripple, a leading blockchain payment protocol, is grappling with the aftermath of a significant security breach. In a massive shocker to all, over 213 million XRP tokens, valued at a staggering $112 million, have been stolen, sending shockwaves through the cryptocurrency community.

Security Breach Details

ZachXBT, a decentralized finance investigator, brought attention to the alarming news of a potential exploit within the Ripple protocol. About 213 million XRP, worth $112.5 million, fell victim to this security breach. The stolen funds quietly moved through various cryptocurrency exchanges, including MEXC, Gate, Binance, Kraken, OKX, HTX, HitBTC, and others.

The revelation of the security breach triggered an immediate market response, with a 5% drop in the value of XRP within the first 24 hours. The cryptocurrency tumbled to $0.4853, causing concern among investors and enthusiasts.

Read More About It Here: Ripple News: Inside the $112 Million XRP Hack; What Happened to Chris Larsen’s Account?

Here’s the Assurance You Need!

Ripple co-founder Chris Larsen issued a statement confirming the unauthorized access. Larsen clarified that the breach was an “isolated incident”, limited to a few of his personal XRP accounts and reassured that Ripple’s core infrastructure remained secure.

He emphasized that Ripple’s core infrastructure remains secure, with law enforcement agencies actively engaged in resolving the matter. The response provided stability, leading to a recovery as XRP rebounded to $0.5085, marking a 3.4% decrease in the past 24 hours.

No Compromised Wallets

Following Chris Larsen, Ripple CEO Brad Garlinghouse provided some much needed reassurance to the XRP community.

As the situation evolves, the XRP community awaits the outcome of the SEC’s Motion to Compel court ruling, recognizing its potential impact on buyer demand for XRP. Ripple’s leadership remains committed to security, but incidents like this could severely shake user confidence.

Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.