Ripple Co-Founder Notices an “Unauthorized Access” To His Account, Loses 213M XRP

  • ZachXBT reported an attack involving Ripple, which resulted in the theft of 213 million XRPs.
  • XRP, currently trading at $0.4976, fell by more than 5% following ZachXBT’s report on the hack.
  • Chris Larsen and Brad Garlinghouse reiterated that the company wallets remain safe and not compromised.

In a recent development in the Ripple ecosystem, co-founder Chris Larsen’s personal XRP accounts were hacked for about 213 million XRP, worth more than $110 million. While reports misinterpreted it as a Ripple-focused attack, CEO Brad Garlinghouse and Larsen reiterated that the Ripple wallets were not hacked.

Crypto sleuth ‘ZachXBT’ shared an X post yesterday, claiming that Ripple had been hacked for 213 million XRP ($112.5 million). According to the post, the hacker attempted to launder the funds through exchanges, including MEXC, Gate, Binance, Kraken, OKX, HTX, and HitBTC.

Subsequently, Larsen declared that the attack was directed towards his personal accounts. Noticing “unauthorized access” to a few of his accounts, Larsen took defensive measures and informed the respective exchanges to freeze the affected accounts.

Garlinghouse reiterated that the company’s wallets were not involved, stating, “Given some irresponsible speculation and reporting, I want to reiterate that NO Ripple-managed wallets were compromised.” In addition, Larsen stressed the company’s enthusiasm for tackling the issue. He stated that a significant portion of funds have been frozen and added,

“This is an isolated incident, and Ripple wallets are secure / were never compromised. We’ve confirmed nearly all the affected funds were converted out of XRP.”

Despite Larsen’s revelation, the matter became widespread and controversial, leading to the fall of XRP by more than 5%. Some of the community members came forward, questioning Ripple for their silence till the sleuth reported the incident.

XRP, which stood at around $0.5, fell to $0.4955 immediately after the news, according to CoinMarketCap. Though the token retrieved the $0.5 level after Chris Larsen’s post, XRP saw a severe low in the previous hours, reaching $0.4945. Currently, XRP is trading for $0.4976, marking a loss of 2.48% in a day and 3.42% in a week. 

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

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