Ripple Co-Founder Loses 213 Million XRP to Hackers

• Ripple Co-founder Chris Larsen Experiences Extensive XRP Hack
• Fall in Ripple's XRP Token Value
• The Impact of the Hack on Ripple's Co-founder
• Larsen's Statement and Response to the Hack
• Effect on XRP Value

Ripple Co-founder Chris Larsen Experiences Extensive XRP Hack

A significant security breach was revealed when co-founder of Ripple, Chris Larsen, experienced a hack of 2130 million XRP$0.620 -1.68%. Renowned crypto analyst ZachXBT initially reported that the company itself was compromised with a loss exceeding $112.5 million in XRP. Larsen later clarified that it was his personal account that had fallen victim to the hackers, not the company.

Fall in Ripple's XRP Token Value

As news of the hack broke, the XRP token saw a decrease of over 5% in its value. The investigation revealed that the overwhelming amount of funds was stolen by a single wallet. This information, along with the wallet details, was initially disclosed by ZachXBT on a social media platform known as X (previously Twitter). It was also reported that the stolen funds had been moved to several cryptocurrency exchanges.

The Impact of the Hack on Ripple's Co-founder

The report specified that Larsen's loss amounted to 213 million XRP which is equivalent to more than $112.5 million. This initial report was provided by ZachXBT, who also disclosed further information about the source address of the hack and the destination of the laundered funds. Amidst the unfolding events, Larsen issued a statement on X, assuring that Ripple as a company was not hacked.

Larsen's Statement and Response to the Hack

In response to the initial reports, Larsen confirmed the theft and provided some clarifications. On the platform, X, he revealed that there was unauthorized access to a few of my personal XRP accounts. He also added that the issue had been identified, affected addresses were frozen by the exchanges, and law enforcement had been brought into the loop.

Effect on XRP Value

The value of XRP felt the impact of the hacking incident significantly. After the reports, the currency experienced a sharp 5% drop, causing understandable alarm amongst investors. The token is currently trading at $0.50, following the 5% drop, as per CoinMarketCap.

Edited by Jonathan Stoker