Ripple Faces $112.5M XRP Theft, Chris Larsen Responds

According to a recent report by ZachXBT, Ripple has suffered a massive breach, leading to a loss of approximately 213 million XRP, valued at $112.5 million. The incident, disclosed on January 31, 2024, has stirred significant concern within the cryptocurrency community, spotlighting the security protocols of major digital asset firms. In addition, XRP plummeted over 4%, trading at $0.5014 at press time.
Ripple’s Security Compromise
The initial breach reportedly originated from the address rJNLz3A1qPKfWCtJLPhmMZAfBkutC2Qojm. From this point, the perpetrators orchestrated a complex laundering operation.
They channeled the stolen XRP through multiple exchanges, including MEXC, Gate, and Binance, among others. This strategic move complicates the traceability of the stolen assets, posing challenges for recovery efforts.
Escrow Release Amidst Security Turmoil
Adding to the gravity of the situation, Ripple is on the brink of releasing 1 billion XRP from its escrow account, a routine practice that often triggers market speculation. Under normal circumstances, this release prompts debates regarding its potential impact on XRP’s market value.
However, the recent security breach introduces an additional layer of unpredictability. Market analysts closely monitor the unfolding events, assessing how the breach might sway investor sentiment and the subsequent market dynamics.
Official Response and Proactive Measures
In response to the crisis, Chris Larsen, Co-founder and Executive Chairman of Ripple, issued an official statement. He outlined the scope of the breach and delineated the steps the company is taking to mitigate the consequences.
This includes collaborating with law enforcement and cybersecurity experts to trace the stolen funds and bolstering their security infrastructure to prevent future incidents.
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
Moreover, the theft addresses, including rGhR13XyM43WdDaSMznHd5rZ4cJatybvEg and several others, have been publicly disclosed, aiding in the broader community effort to monitor and possibly intercept the illicit flow of the stolen XRP.
Read Also: Terra Luna Classic Core Dev L1TF Security Upgrade Proposal Officially Rejected
- Solana Price Rallies 5% as Nasdaq-listed VisionSys Launches $2B SOL Treasury Strategy
- XRP Ledger Rolls Out MPT Standard for Real-World Asset Tokenization
- SEC Puts Crypto ETF Approvals On Hold Following U.S. Government Shutdown
- Pi Network Adds DEX and AMM Features To Expand Pi Coin’s Utility
- October Fed Rate Cut Odds Rise After Weak U.S. Labor Data, Bitcoin Surges
- Cardano Price Forecast As Hashdex Listing Fuels Optimism For $1.27 Breakout
- BONK Price Rally Ahead? Open Interest Jumps as TD Buy Signal Flashes
- Shiba Inu Price to Surge as Whales Buy and Team Commits to Shibarium Growth
- XRP Price Prediction After Ripple CTO David Schwartz Resigns
- SUI Price Eyes $4.5 as Coinbase Futures Listing Sparks Market Optimism
- Chainlink Price Holds $20 Support Amid Tokenization With DTA Standard Progress – Is $47 Next?