Ripple Price Drops as CEO Admits Personal Wallet Breach

A major crypto payment firm, Ripple, saw its XRP token undergo a 5% decline on Wednesday due to apprehensions regarding a potential $112.5 million hack.

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. — Chris Larsen (@chrislarsensf) January 31, 2024

Chris Larsen, Ripple’s Executive Chairman, reassured users on X (formerly Twitter) that the breach only affected his “personal XRP accounts” and not Ripple itself. Larsen stated that the issue was swiftly identified, leading to notifications sent to exchanges to freeze the impacted addresses. 

The incident was first reported by Blockchain analyst ZachXBT, who disclosed that 213 million XRP tokens were moved from a significant wallet on the XRP Ledger blockchain. 

It appears @Ripple was hacked for ~213M XRP ($112.5M)Source addressrJNLz3A1qPKfWCtJLPhmMZAfBkutC2QojmSo far the stolen funds have been laundered through MEXC, Gate, Binance, Kraken, OKX, HTX, HitBTC, etc — ZachXBT (@zachxbt) January 31, 2024

This development led to a 5% decline in XRP’s value over 24 hours, dropping from 0.5081 to 0.4955, and it is currently trading at 0.5048. Coinmarketcap reports a corresponding 5% decrease in market capitalization to $27,437,885,373.

The situation emphasizes the continual necessity for enhanced security in the crypto space, underlining the importance of safeguarding private keys and implementing additional authentication measures to mitigate risks. 

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2024-01-31 19:00