Ripple Chairman's Personal XRP Accounts Breached: $112.5 Million Estimated Loss
Summary:
Ripple's Chairman Chris Larsen reported unauthorized access to his personal XRP accounts on January 31. The incident, initially mistaken as a hack on Ripple, was first brought to light by cryptocurrency analyst ZachXBT. Although undisclosed, it's estimated the breach yielded roughly 213 million XRP, worth about $112.5 million. Following the news, XRP's price took a slight hit but quickly stabilized. Law enforcement has been engaged and further updates are expected.
Chris Larsen, Chairman of the cryptocurrency platform Ripple, reported on the 31st of January that his personal accounts had experienced unauthorized access, or a hacking incident. This information came to light first through the findings of cryptocurrency analyst "ZachXBT," sparking initial speculation that Ripple itself was compromised.
Expressing the situation on social media, Larsen stated, "Yesterday, there was unauthorized access to several of my private XRP accounts (not associated with @Ripple). Fortunately, we were swift in detecting the issue and promptly advised exchanges to seal off the impacted addresses. Law enforcement has been notified and is actively partaking."
Although the Ripple chairman did not disclose the amounts in his accounts possibly affected by the hack, estimates by ZachXBT suggests the hacking event may have accrued approximately 213 million XRP, valued around $112.5 million at the time of the attack.
Once news of the hacking occurrence began to circulate, XRP’s market value reflected an initial fall by approximately $0.01, however, the currency stabilised swiftly and maintained a nearly unchanged position approximately an hour following the initial report of the incident. The source of this financial information was CoinMarketCap.
Please note that this is a continually evolving situation and additional details will be included as they come to light.
Published At
1/31/2024 6:15:00 PM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.