Ripple, a leading player in the cryptocurrency space, faced a significant setback as a malicious actor stole approximately 213 million XRP, equivalent to a staggering $112.5 million. The targeted individual was none other than Chris Larsen, co-founder and executive chairman of Ripple Labs, the entity responsible for the XRP token. The unauthorized access occurred on Tuesday, prompting immediate action from Ripple to contain the situation.
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. https://t.co/T3HtKSlzLg
— Chris Larsen (@chrislarsensf) January 31, 2024
In a tweet confirming the security breach, Larsen clarified that the pilfered funds were not from Ripple’s coffers but rather from his personal accounts. Swift measures were taken to alert exchanges, including MEXC, Binance, Kraken, and OKX, leading to the freezing of the affected addresses. Law enforcement agencies are actively engaged in addressing the incident.
The hack, which saw the illicit movement of funds across various trading platforms, contributed to the overall cryptocurrency losses in January, reaching a staggering $189 million, as reported by Web3 security firm CertiK. Despite a momentary dip in XRP’s value following the news, the cryptocurrency has shown resilience, currently standing at $0.5093 according to CoinMarketCap.
Given some irresponsible speculation and reporting, I want to reiterate that NO Ripple-managed wallets were compromised. Full stop. https://t.co/zxVeCH1Ut0
— Brad Garlinghouse (@bgarlinghouse) January 31, 2024
This security breach adds another layer of complexity to Ripple’s journey, which has been marked by a prolonged legal battle with the U.S. Securities and Exchange Commission. Despite legal challenges, Ripple recently made headlines with a strategic move to buy back $285 million in shares, signaling its commitment to navigate the volatile crypto landscape.
