The 2024 Ripple Co-Founder Wallet Hack
On January 31, 2024, news broke of a massive hack targeting Ripple co-founder Chris Larsen’s personal wallet, resulting in the theft of $112 million worth of XRP.
Executive Chairman Addresses Security Breach
Larsen addressed the security breach involving his personal XRP accounts, clarifying that the incident was confined to his own holdings and did not impact Ripple’s wallets. He reported that the unauthorized access occurred on January 30, but the issue was swiftly identified, allowing them to alert exchanges to freeze the compromised addresses promptly.
Binance CEO’s Response
On February 1, Binance CEO Richard Teng addressed the recent exploit involving Ripple co-founder Chris Larsen’s personal XRP accounts. Teng announced that the Binance team had successfully frozen $4.2 million worth of XRP stolen by the exploiter.
The Lead of XRP Ledger Foundation’s Response
Thomas Silkjær, Head of Analytics and Compliance at the XRP Ledger Foundation, responded to the incident by clarifying crucial points regarding the exploit. He emphasized that the compromised accounts were personal accounts belonging to Chris Larsen and not associated with an exploit at Ripple itself.
Hot Take
The 2024 hack of Ripple co-founder Chris Larsen’s personal XRP wallet raised concerns about the security of cryptocurrency wallets and the need for swift action and collaboration to recover stolen funds.
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