Ripple (XRP) co-founder’s crypto wallet compromised, lost $112 million 

Chris Larsen became the latest victim of crypto wallet hacking attacks. Reportedly hacker(s) successfully hacked nearly $112 million worth of XRP coins.

Ripple is a San Francisco headquartered blockchain firm which is mainly known for its XRPL (XRP) crypto project and XRPL technology backed cross-border payment services. Since Dec 2020, Ripple has been under huge legal conflict with the United States Securities and Exchange Commission (SEC).

On 31 Jan 2024, Popular crypto detective ZachXBT reported that one of the crypto wallet addresses linked with Ripple blockchain firm was accessed by an unauthorised actor. 

According to ZachXBT, hacker(s) hacked 213 million XRP, worth nearly $112.5 million at the current trade price of XRP coin, & used multiple crypto exchanges to launder his money into white money.

Chris Larsen, Co-founder and Executive Chairman of Ripple, responded on this matter and admitted that such an incident occurred with them but clarified that the hacking incident was not associated with Ripple, instead it was a personal crypto wallet.

Furthermore, he said that they already informed all the crypto exchanges, used by the hacker to launder the stolen money.

Following such reports, some people claimed that Ripple’s services were not secure enough, as they failed to keep their own funds safe. 

In response to such creepy comments, Ripple CEO Brad Garlinghouse said that none of the Ripple-managed crypto wallets was compromised.

XRP Price Action

Following this report, the trade price of XRP coin crashed by 2.8% but later recovered, following the clarification of the information. 

The current trade price of XRP coin is $0.49 & this trade price is 2.5% down over the last 24 hours trade price.

Read also: Standard Chartered expert says the SEC will approve Ethereum spot ETF by May 2024