Ripple CEO Breaks Silence on Alleged Breach: No Wallet Was “Compromised”

Godfrey Benjamin
February 1, 2024
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There has been a recent Ripple hack but according to Brad Garlinghouse, CEO of the crypto payment protocol, no wallet was compromised in the process.

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Garlinghouse Shuns False Ripple Hack Claims

A few hours ago, it was reported that Ripple had suffered a major breach with $112.5 million worth of XRP coins lost in the attack. The news caused the price of the XRP token to fall by about 4%. According to ZachXBT, the initial breach originated from an address identified as “rJNLz3….ojm.” 

After successfully carrying out the Ripple hack, the perpetrators moved on to conduct a complex laundering operation. The loot was redirected to several exchanges including Gate, MEXC, and even leading digital asset service provider Binance. Notably, the intention for this distribution was to obfuscate the source of the assets and make recovery a herculean task.

Consequently, Chris Larsen, Ripple’s co-founder and executive chairman released an official statement describing the extent of the exploit. He mentioned that the compromised wallet was his personal address and does not belong to Ripple Labs. He described the effort underway to reduce the effect of the Ripple hack including working with law enforcement agencies. He further explained that the incident was isolated, citing that all Ripple wallets are secured and were never compromised.

However, it seems his explanation met with doubts in the minds of netizens as several speculations and derogatory remarks began to crop up. Displeased by these rumors and speculatory reports, Garlinghouse took to X to reiterate Larsen’s explanation. 

“Given some irresponsible speculation and reporting, I want to reiterate that NO Ripple-managed wallets were compromised. Full stop,” the Ripple CEO pointed out.

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Warning to Crypto Customers

It is quite obvious that hackers are exploring different methods to carry out their illicit activities. A few weeks ago, it was a deepfake video of the Ripple CEO that surfaced on the internet. Garlinghouse was seen convincing users to double their assets by sending them to the disguised hacker. The ‘giveaway” was advertised as a community support initiative designed for loyal XRP customers.

Amidst the diversification of scamming methods, investors and traders are advised to remain vigilant, avoiding suspicious links and emails. Garlinghouse made a similar warning to XRP community members when his cloned videos were seen circulating on YouTube.

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture. Follow him on X, Linkedin
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.