XRP Whales Hold Strong Amid Hack Incident
Following Ripple’s recent hack and subsequent price drop, on-chain data reveals that XRP whales have not panicked and continue to hold their coins. Santiment, an on-chain data provider, reported a surge in whale transactions involving $XRP valued at $1 million or more on the XRPLedger network. A total of 217 such transactions were recorded, the highest number since Ripple’s legal victory in July 2023. Wallets holding at least 10 million $XRP now collectively possess 67.2% of the available supply, a figure not seen since December 31, 2022.
Ripple Assures Secure Wallets
Ripple’s top executives quickly addressed concerns about compromised XRP wallets by assuring users that the funds are safe. Chris Larsen, co-founder of Ripple, clarified that while his personal XRP accounts were accessed without authorization, the Ripple blockchain itself was not hacked. To mitigate the issue, Larsen froze the affected addresses with the help of exchanges. He confirmed that most of the affected funds have been converted out of XRP and that Ripple is actively cooperating with law enforcement agencies to freeze the remaining funds.
Hot Take: XRP Whales Remain Steadfast Despite Hacking Incident
Despite a major hack incident that resulted in a significant drop in XRP’s price, influential XRP whales have shown no signs of panic. On-chain data reveals a surge in whale transactions involving large amounts of $XRP on the XRPLedger network. This indicates that these whales continue to hold their coins despite market turbulence. Additionally, Ripple’s swift response to address the security breach and reassure users about the safety of their wallets demonstrates its commitment to maintaining platform security and integrity. While challenges persist, it is clear that XRP whales remain confident in the future of the cryptocurrency.
By
By
By
By