XRP Plummets 5% Following Reports of a Possible $112M Ripple Hack

• Dip in Ripple's XRP Token Value Following Potential Hack
• Swift Response to Potential Breach
• Tracking the Alleged Breach

Dip in Ripple's XRP Token Value Following Potential Hack

Ripple's XRP$0.620 -1.68% token has experienced a decline of over 5% in response to rumors of an alleged hack valued at approximately $112.5 million. Executive Chairman of Ripple, Chris Larsen, confirmed via X (previously known as Twitter) that there was a breach to his personal XRP accounts, but reassured that Ripple itself was not compromised.

Swift Response to Potential Breach

We were able to promptly identify the issue and informed exchanges to suspend the affected accounts. Law enforcement is already on the case, stated Larsen. The breach was first brought to light by Blockchain analyst, ZachXBT, who alleged on X that 213 million XRP tokens were withdrawn from a significant wallet on the XRP Ledger blockchain.

Tracking the Alleged Breach

According to ZachXBT, the funds were then filtered through several exchanges, including Binance, Kraken, and OKX. Currently, XRP is trading at $0.497, down from its opening price of $0.525, as per the data received from an unnamed source.

Edited by Jonathan Stoker