Markets News Report
January 31, 2024

Ripple Loses $112 Million in Suspected Hack, Co-Founder Confirms Unauthorized Access

Ripple is Suspected in Security Breach, Loses $110M

Ripple (XRP) is under suspicion of experiencing a security breach, resulting in the loss of approximately 213 million XRP tokens, equivalent to $112.5 million. The funds were allegedly taken from a specific wallet address rJNLz3A1qPKfWCtJLPhmMZAfBkutC2Qojm and subsequently laundered through various exchanges, including MEXC, Gate, Binance, Kraken, OKX, HTX, HitBTC and others, as reported by blockchain investigator ZachXBT.

According to a social media post shared by Ripple co-founder and executive chairman Chris Larsen, there was an unauthorized access incident yesterday affecting some of his personal XRP accounts not linked to Ripple.

Chris Larsen further shared, “We quickly discovered the problem and notified the exchange to freeze the affected addresses. Law enforcement is involved.”

After the report of a potential hack amounting to $112.5 million, the value of Ripple’s native token XRP has experienced a decrease of over 5%. Presently, XRP is traded at $0.497, starting the day at $0.525, as per data from CoinMarketCap.

A prominent player in the blockchain industry, Ripple operates as a real-time gross settlement system, currency exchange, and remittance network. Developed by the US-based technology company Ripple Labs, the platform seeks to facilitate secure, instantaneous, and cost-effective global financial transactions of any scale without the possibility of chargebacks.

It has gained considerable acknowledgment for its digital payment protocol. Presently, the company is engaged in an ongoing lawsuit with the SEC, which has been sent to trial. The legal proceedings involve the refusal to grant a summary judgment on the classification of XRP as an unregistered security.

Recently, a South Korean company behind a mobile karaoke streaming service experienced a security breach, leading to the unauthorized withdrawal of 730 million SSX tokens to unknown wallets. Subsequently to the breach the developers of the platform have stated that they have implemented all essential measures to mitigate the potential adverse effects of the incident, including promptly reporting the case to the Cyber Investigation Unit of the National Police Agency.

Ripple’s security breach serves as a reminder of the significance of robust security measures within the blockchain and digital asset realm, highlighting the necessity for ongoing vigilance and the adoption of advanced security protocols by entities involved in managing digital assets.

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About The Author

Alisa is a reporter for the Metaverse Post. She focuses on investments, AI, metaverse, and everything related to Web3. Alisa has a degree in Business of Art and expertise in Art & Tech. She has developed her passion for journalism through writing for VCs, notable crypto projects, and scientific writing. You can contact her at [email protected]

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Alisa Davidson
Alisa Davidson

Alisa is a reporter for the Metaverse Post. She focuses on investments, AI, metaverse, and everything related to Web3. Alisa has a degree in Business of Art and expertise in Art & Tech. She has developed her passion for journalism through writing for VCs, notable crypto projects, and scientific writing. You can contact her at [email protected]

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