In what is certainly a concerning development, Ripple’s co-founder Chris Larsen has been hacked for 2130 million XRP. Indeed, crypto investigator ZachXBT initially reported that the company was hacked for more than $112.5 million worth of XRP. However, Larsen stated that it was his personal account that was hacked, not Ripple.
Shortly after the hack was reported, Ripple’s XRP token had fallen by more than 5%. The report stated that the mass of funds had been stolen by one wallet, which ZachXBT did release in his original post to X (formerly Twitter). Moreover, he noted the funds had been laundered to a host of cryptocurrency exchanges.
Also Read: Ripple: XRP Historical Patterns Suggest Potential Price Explosion
Ripple Founder Suffers Hack of More than $112.5 Million
The digital asset sector has certainly not had the start to the year that it had hoped. Despite the landmark Spot Bitcoin ETF decision, many assets did not receive the benefit of the optimism many had entering 2024. Now, one asset has been the subject of a massive theft.
Specifically, Ripple’s co-founder has been hacked for 213 million XRP worth more than $112.5 million. The initial report came from noted crypto investigator ZachXBT. Indeed, he reported that the hack had taken place, the source address of the hack, and where the funds were subsequently laundered. However, Larsen took to X to share that the company itself was not subject to the hack.
Also Read: Ripple: XRP Historical Patterns Suggest Potential Price Explosion
After the initial reports, Larsen confirmed the theft with some clarifications. In a post to X, he said there was “unauthorized access to a few of my personal XRP accounts.” Additionally, he noted that the problem was caught, exchanges were notified to freeze addresses affected, and law enforcement was involved.
The value of XRP took a notable hit following reports of the hack. Following the reports of the hack, XRP had fallen a drastic 5%, with understandable panic among investors. Currently, the asset is trading at $0.50 following the 5% drop on CoinMarketCap.