Ripple Co-founder Loses More Than $112 Million Worth of XRP in Hacking Incident

Larsen’s Personal XRP Accounts Hacked

Ripple executive chairman and co-founder Chris Larsen took to social media to address reports of the payment protocol being hacked. He clarified that there was unauthorized access to some of his personal XRP accounts, not Ripple’s official accounts. The issue was quickly identified, and exchanges were notified to freeze the affected addresses. Law enforcement is already involved in the investigation.

Hack Details Revealed

Before Larsen’s clarification, a user named ZachXBT posted data revealing the extent of the hack. Over $112.5 million worth of XRP was stolen, and the stolen funds were laundered through various platforms such as MEXC, Gate, Binance, Kraken, OKX, HTX, and HitBTC.

XRP Value Drops

Following news of the hack, the price of XRP experienced a significant drop of more than 5%. Although it managed to recover slightly, the cryptocurrency was still down by 4% as of late Wednesday morning. So far, Ripple users’ accounts have not been affected by the hack.

Crypto Hacks on the Rise

The hacking incident involving Larsen’s accounts is part of a larger trend of increased security issues in the crypto industry. In January 2024 alone, hackers and fraudsters obtained nearly $127 million across 19 different incidents. This marks a significant increase compared to January 2023. DeFi platforms have been particularly targeted by hackers this year.

Hot Take: Ripple Co-founder Falls Victim to Major Hack

Ripple co-founder Chris Larsen faced a security breach in his personal XRP accounts, resulting in the theft of over $112 million worth of XRP tokens. The incident highlights the ongoing challenge of cybersecurity in the crypto industry, with hackers targeting prominent figures and platforms. The hack had an immediate impact on XRP’s value, causing a significant drop. This incident serves as a reminder for individuals and businesses in the crypto space to prioritize security measures to protect their digital assets from unauthorized access. It also raises concerns about the overall security of cryptocurrencies and the need for enhanced measures to prevent such incidents in the future.