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Ripple Chairman Chris Larsen’s Personal XRP Accounts Hacked

2024.02.01

 

Key Takeaways

  • Ripple’s Chris Larsen faced unauthorized access to his personal XRP accounts, losing approximately 213 million XRP.
  • Law enforcement is involved, and steps have been taken to freeze affected accounts in response to the hack.

Security Breach on Personal Accounts

Ripple co-founder Chris Larsen recently disclosed a security breach involving unauthorized access to his personal XRP accounts. This incident, first highlighted by crypto analyst ZachXBT, initially stirred concerns of a company-wide hack at Ripple.

Quick Response and Law Enforcement Action

Larsen, in a swift response, clarified that only his personal accounts were affected and not Ripple’s official accounts. He immediately took action to mitigate the situation, notifying exchanges to freeze the affected addresses. Law enforcement’s prompt involvement has resulted in the freezing of accounts linked to the breach.

The Extent of the Hack

While Larsen did not disclose the exact amount lost, estimates suggest the theft involved around 213 million XRP, valued at approximately $112.5 million at the time of the event. The hackers reportedly attempted to launder the stolen XRP through multiple exchanges.

Ripple’s Stance and Market Reaction

Ripple’s response to requests for comment on the situation remains pending. Despite this significant breach, the market impact on XRP was minimal. The cryptocurrency experienced a slight dip following the news but quickly recovered, maintaining stability shortly after the incident.

Implications of the Hack

This security breach, one of the largest in the cryptocurrency space in 2024, underscores the vulnerabilities even high-profile individuals face in the digital asset world. It serves as a reminder of the importance of robust security measures for personal crypto accounts.

 


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