Ripple’s Security Breach Raises Concerns
A significant security breach has recently occurred at blockchain payment firm Ripple, resulting in the loss of a substantial amount of XRP. The breach was discovered by decentralized finance (DeFi) detective ZachXBT and has raised serious concerns about the security of Ripple’s protocol. The incident has also triggered a series of illicit transactions involving the stolen XRP.
XRP Hack Unveiled
Investigations have revealed that the hack led to the theft of over 213 million XRP, which is valued at more than $112 million. The stolen funds were subsequently laundered through various cryptocurrency exchanges, including MEXC, Gate, Binance, Kraken, OKX, HTX, HitBTC, and several undisclosed platforms.
XRP Price Plummets
As a result 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 news intensified the token’s existing downward trend, with a 19% decline over the past 30 days and a 4% decline in the past 24 hours.
Ripple’s Response Remains Uncertain
The next steps that Ripple will take to address the security breach are currently unknown. The company’s response to the situation and its efforts to strengthen its security infrastructure will be closely monitored. At present, Ripple officials have not released any official statements regarding the hack, leaving the situation in a critical state.
Hot Take: Ripple Faces Security Breach with Stolen XRP Worth Over $112 Million
Ripple has recently suffered a major security breach resulting in the loss of a substantial amount of XRP. The hack, which has raised concerns about Ripple’s security, involved 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 this breach, the price of XRP plummeted, continuing its downward trend. The response from Ripple remains uncertain, and the company’s efforts to fortify its security infrastructure will be closely watched. As of now, Ripple officials have not made any official statements regarding the incident, leaving the situation in a critical state.
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