Ripple’s XRP token experienced a significant drop of over 5% amid rumors of a network hack involving around $112.5 million.
Chris Larsen, Ripple’s Executive Chairman, clarified that the breach affected his personal XRP accounts, not the Ripple network itself.
Law enforcement has been involved to address the issue, and exchanges were notified to freeze the affected addresses.
Main Points:
- Drop: Ripple’s XRP token fell more than 5% following hack rumors.
- Clarification: Chris Larsen stated the breach was to his personal accounts, not Ripple’s network.
- Response: Exchanges were alerted to freeze affected addresses; law enforcement is involved.
- Initial Report: Blockchain analyst ZachXBT first reported the siphoning of 213 million XRP tokens.
- Laundering: The stolen funds were moved through exchanges like Binance, Kraken, and OKX.
- Background: Ripple, the sixth-largest cryptocurrency, is known for its payment-focused blockchain and legal battles with the SEC.
Additional Information:
The incident, initially brought to light by blockchain sleuth ZachXBT, involved the transfer of 213 million XRP tokens from a large wallet on the XRP Ledger blockchain.
These funds were then laundered through several cryptocurrency exchanges, including Binance, Kraken, and OKX. Ripple, recognized as the sixth-largest cryptocurrency by market cap, operates on the XRP Ledger, a blockchain specializing in payments.
Ripple Labs, the creator of this network, uses it for RippleNet, a cross-border payments platform for financial institutions.
The company faced legal challenges from the U.S. Securities and Exchange Commission in 2020 but achieved a significant victory in July 2023.
