Crypto News: Ripple Faces Major Hack Resulting in Loss of XRP
Ripple, the blockchain payment company, recently experienced a significant security breach that resulted in the loss of a large amount of XRP. The hack, discovered by investigator ZachXBT, has raised concerns about the protocol’s security and led to the theft of over 213 million XRP, valued at more than $112 million. The stolen funds were laundered through various cryptocurrency exchanges. As a result of the cyber attack, the price of XRP dropped and the token’s downward trend intensified. It remains uncertain how Ripple will address this security breach and enhance its security infrastructure moving forward.
How Will Ripple Respond to the Hack?
The next steps Ripple will take to address the hack are uncertain. The company’s response and efforts to strengthen its security infrastructure will be closely monitored. Ripple executives clarified that the compromised wallets belonged to co-founder Chris Larsen and emphasized that no wallets managed by Ripple were compromised. The daily chart of XRP shows that the next significant support level for the token is $1. If this level does not sustain further declines, the next support would be at $0.4876.
Ripple Releases $500 Million Worth of XRP: Analysis of Monthly Unlock
On February 1st, Ripple unlocked 1 billion XRP tokens from its escrow system on the XRP Ledger. This represented 1.84% of the current circulating supply and 2.19% of the remaining tokens under Ripple’s control. These monthly unlocks will continue until June 2027 through escrow deposits. In January, Ripple unlocked 1 billion XRP tokens but promptly relocked 80% of them in escrow deposits. Despite holding only 200 million XRP, Ripple spent 226.34 million tokens in January. The company also sent additional XRP to its reserves and made various transactions from its payment protocol.
Hot Take: Ripple Faces Security Breach Resulting in Loss of XRP
Ripple, the blockchain payment company, has recently experienced a major security breach that led to the theft of over 213 million XRP. This cyber attack has raised concerns about the security of Ripple’s protocol and caused a decline in the price of XRP. The company’s response to the hack and its efforts to enhance security will be closely watched. Additionally, Ripple has unlocked $500 million worth of XRP tokens, representing a significant portion of the circulating supply. These monthly unlocks will continue until June 2027. Despite these challenges, Ripple remains a prominent player in the cryptocurrency industry.
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