Ripple Faces Major Security Breach, Resulting in Loss of XRP
Ripple, a blockchain payment firm, has recently been targeted in a significant security breach that has led to the loss of a substantial amount of XRP. The breach, discovered by decentralized finance detective ZachXBT, has raised serious concerns about the security of Ripple’s protocol. As a result of the breach, illicit transactions involving the stolen XRP have taken place.
Details of the Hack
Investigations reveal that the hack resulted in the theft of over 213 million XRP, which is valued at more than $112 million. The stolen funds were then laundered through various cryptocurrency exchanges including MEXC, Gate, Binance, Kraken, OKX, HTX, HitBTC, and undisclosed platforms.
XRP Price Declines Further
Following news of the security breach, the price of XRP experienced a significant drop to $0.5070 and continued to decline further, reaching a low of $0.4860 on Wednesday. This incident intensified the downward trend of the token, which has already seen a 19% decline over the past 30 days and a 4% decline in the past 24 hours.
Ripple’s Response and Future Steps
It is currently uncertain what steps Ripple will take to address the security breach. The company’s response and efforts to strengthen its security infrastructure will be closely monitored by industry observers.
Ripple Executives Clarify Rumors
In response to speculation and reporting regarding the incident, Ripple executives clarified that the compromised wallets belonged to Chris Larsen, one of the company’s co-founders. Brad Garlinghouse also emphasized that no Ripple-managed wallets were compromised.
Chart Analysis and Support Levels
Looking at the 1-day chart of XRP, the token’s next major support level is at $0.4876, which prevented further decline after news of the breach broke. If this level fails to hold, the next support level for XRP is at $0.4686.
Hot Take: Ripple Faces Major Security Breach, Raising Concerns
Ripple’s recent security breach resulting in the loss of a significant amount of XRP has shaken the cryptocurrency community. The incident highlights the vulnerability of blockchain protocols and raises concerns about Ripple’s security measures. With the price of XRP declining further, investors and users are eagerly awaiting Ripple’s response and actions to fortify its security infrastructure. This incident serves as a reminder for the entire industry to prioritize robust security measures to protect digital assets and maintain user trust.
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