Ripple Suspected of Losing $112 Million in Hack

The blockchain project Ripple has likely been hacked for 213 million XRP (approximately $106.6 million at the time of writing), according to on-chain researcher ZachXBT.

It appears @Ripple was hacked for ~213M XRP ($112.5M)

Source address
rJNLz3A1qPKfWCtJLPhmMZAfBkutC2Qojm

So far the stolen funds have been laundered through MEXC, Gate, Binance, Kraken, OKX, HTX, HitBTC, etc pic.twitter.com/HKGYsLQeMv

— ZachXBT (@zachxbt) January 31, 2024

According to his data, the funds were directed to cryptocurrency exchanges Binance, Kraken, OKX, HTX, MEXC, Gate, and others.

Ripple co-founder Chris Larsen reported that on January 30, unknown individuals gained unauthorized access to several of his personal accounts.

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

“We were quickly able to catch the problem and notify exchanges to freeze the affected addresses. Law enforcement is already involved,” he wrote.

Following the news, XRP prices briefly fell to $0.48 but then recovered to $0.5.

In January, a supposed XRP transaction worth nearly $15 billion from an unknown wallet to Bitfinex turned out to be part of a failed exploit attempt involving partial payments.

Earlier, Ripple CEO Brad Garlinghouse ruled out an IPO in the US due to the hostile stance of the SEC.