Ripple Chairman Confirms Loss of $120 Million in XRP Tokens
The value of XRP has fallen after it was revealed that over $120 million worth of the cryptocurrency was stolen from Ripple Chairman Chris Larsen’s personal XRP accounts.
Unauthorized Access to Personal XRP Accounts
In a tweet, Larsen confirmed the unauthorized access to his personal XRP accounts, leading to the theft of approximately 213 million XRP tokens. This comes after crypto analyst ZachXBT initially suggested that Ripple itself had been hacked.
Exchange Notification and Law Enforcement Involvement
Larsen quickly informed cryptocurrency exchanges involved and also alerted law enforcement, although he did not confirm the exact amount stolen. The stolen funds were reportedly moved to various trading platforms including MEXC, Gate, Binance, Kraken, HitBTC, and OKX.
XRP Price Drop and Ledger Feature Approval
Following the theft, the price of XRP dropped from $0.525 to just below $0.50. There are also concerns over the size of Larsen’s personal XRP holdings. This incident occurred as validators on the XRP Ledger are considering approving a controversial feature that allows the reversal of token transactions under certain circumstances.
XRP Ledger Update and Automated Market Maker
There are also plans to introduce a built-in automated market maker trading platform into the XRP Ledger. This would allow XRP token holders to earn income on-chain, with the proposal gaining support from validators recently.
Hot Take: XRP Holds Steady Amidst Security Breach
The recent breach may have affected the price of XRP, but ongoing developments in the XRP Ledger suggest potential long-term growth for the cryptocurrency. With legal and technical measures being taken in response to the theft, XRP is showing resilience amidst the security breach and regulatory discussions.
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