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  • Ripple Executive Hacked and Loses 213 Million XRP Worth $112.5 Million

Ripple Executive Hacked and Loses 213 Million XRP Worth $112.5 Million

On Wednesday morning, many were surprised to read headlines stating that XRP had been hacked for a substantial $112.5 million, leading to a rapid drop in prices and heightened fears. However, the news was somewhat misleading, as XRP itself was not hacked; instead, it was the personal wallets of Chris Larsen, one of the Ripple executives.

The initial report came from the prominent crypto investigator and on-chain sleuth ZachXBT, who highlighted the occurrence of the hack, identified the source address of the hack, and traced the subsequent laundering of the funds.

The stolen funds were sent to dozens of exchanges including MEXC, Gate, Binance, Kraken, OKX, HTX, and HitBTC.

At WhaleWire, we strive to offer accurate information and clarity to our readers. To achieve this, we contacted our connection, Ripple CEO Brad Garlinghouse, to inquire about the actual events.

He confirmed to us that the hack did occur on an individual's personal account, not on an official Ripple wallet or as a hack of XRP.

Chris Larsen, one of the co-founders of Ripple, affirmed that his personal XRP accounts (distinct from Ripple) experienced unauthorized access yesterday. Promptly identifying the issue, they took swift action to inform exchanges and requested freezing of the affected addresses.

XRP Price Tumbles Over 5%

While the hacks are not related to XRP's ledger and security issues, which were raised as a concern, the price did experience a slight decline. Prices briefly dropped below 0.50 cents as investors were apprehensive about a security breach and worried that the hacker might sell these tokens, leading to an even more significant drop.

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