The price of XRP drops following hack on Ripple
The price of XRP has dropped after reports of a hack on Ripple, the fintech company behind the cryptocurrency. Ripple co-founder Chris Larsen confirmed on Twitter that there was unauthorized access to some of his personal XRP accounts, but clarified that the attack was not against Ripple itself. He also stated that the exchanges had frozen the affected addresses and that law enforcement was already involved. According to blockchain analyst ZachXBT, hackers managed to steal approximately 213 million XRP, worth $112.5 million, before laundering it through exchanges.
XRP trading down nearly 5%
XRP is currently trading at just over $0.50, down almost 5% in the past day. XRP was launched as a cryptocurrency to facilitate fast and low-fee money transfers for banks and financial institutions.
Hot Take: XRP’s price tumbles after Ripple hack
The recent hack on Ripple has led to a drop in the price of XRP. While the attack targeted Chris Larsen’s personal XRP accounts and not Ripple itself, it has raised concerns about security within the cryptocurrency ecosystem. The involvement of law enforcement indicates the seriousness of the situation. This incident serves as a reminder of the risks associated with digital assets and highlights the need for robust security measures to protect against hacking attempts. As investors navigate this volatile market, it is crucial to stay informed about potential vulnerabilities and take appropriate precautions to safeguard your assets.
By
By
By
By