Tuesday, April 23, 2024
HomeCryptocurrencyRipple Co-Founder Chris Larsen Hacked of 213 Million XRP: Details

Ripple Co-Founder Chris Larsen Hacked of 213 Million XRP: Details

It has been confirmed that the XRP accounts belonging to Chris Larsen, Ripple co-founder, were compromised by unknown attackers yesterday, resulting in a loss of XRP worth millions of dollars.

It’s worth noting that hackers’ activity has become a norm in the crypto industry. It is one of the things assailants do to make non-crypto enthusiasts view the asset class beyond its unique use cases.

Whale Alert

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The latest hack was first reported by a pseudonymous crypto enthusiast known on Twitter as ZackXBT. Misconstrued to be an attack on Ripple, ZackXBT said the hacker successfully stole about 213 million XRP worth $112.5 million.

According to ZackXBT, the stolen assets were laundered through various crypto exchanges, including MEXC, Gate, Binance, Kraken, OKX, HTX, and HitBTC.

He also shared the source address (rJNLz3A1qPKfWCtJLPhmMZAfBkutC2Qojm) and eight destination addresses.

Chris Larsen Confirms the Attack but Says Not Ripple

Chris Larsen, the Ripple co-founder, has recently come to confirm that the trending attack. However, he said it only affected his accounts.

According to Larsen, the attacker gained unauthorized access to a number of his XRP accounts to steal the whopping funds. He said to prevent brutal damage, exchanges were swiftly notified to freeze the affected accounts. He added that the incident has been reported to the law enforcement.

Chris Larsen tweeted, “Yesterday, there was unauthorized access to a few of my personal XRP accounts (not @Ripple) – we were quickly able to catch the problem and notify exchanges to freeze the affected addresses. Law enforcement is already involved.”

Read Also: Top Crypto Proponent Calls XRP the Standard for the Next Bull Run. Here’s why

Crypto Community Reacts

As expected, the report was greeted with tons of reaction from the crypto ecosystem, especially the XRP community.

A supposed XRP community member told Chris to explain how the hack happened once the dust settled. The user said as a security-conscious community, sharing experiences is very important.

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Another user asked “Hey Chris. You guys own Metaco. Seems kind of stupid for the chairman of Ripple and all the other board members to not have those large amounts in custody with them. Don’t you think?”

A popular member of XRP Army @XRPcryptowolf said it’s a good thing it wasn’t Ripple’s treasury funds. He’s also pleased that vital action was swiftly taken to prevent irreparable damage.


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Solomon Odunayo
Solomon Odunayo
Solomon is a trader, crypto enthusiast, and analyst with over four years of experience in the industry. He strongly believes that crypto assets and the blockchain will continue to gain prominence. At TimesTabloid.com, he focuses on news, articles with deep analysis of blockchain projects, and technical analysis of crypto trading pairs.
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