Ripple Co-Founder Falls Victim to Cyber Theft
Ripple co-founder Chris Larsen experienced a cyber theft in which $112 million worth of XRP was stolen from his accounts. Initially believed to be a targeted attack, an investigation by cybersecurity firm Hacken has uncovered connections between compromised wallets and “XRP’s authorized wallet,” suggesting broader security implications for the cryptocurrency.
Investigation Reveals Complex Transaction Network
Hacken’s analysis of the theft revealed a complex network of transactions across different exchange addresses, with Kraken identified as a channel for money laundering.
Ripple’s Response and Market Impact
Larsen confirmed the hacking of his personal XRP accounts and took immediate action by notifying exchanges like Binance to lock out the compromised addresses. Law enforcement was also involved in the investigation. The incident, involving the theft of approximately 213 million XRP, has caused anxiety within the cryptocurrency ecosystem.
Rumors of a security leak within Ripple’s managed wallets were addressed by CEO Brad Garlinghouse, who denied any hacking of wallets managed by Ripple. However, market confidence in XRP fluctuated following the incident.
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