Ripple Chris Larsen’s Individual XRP Wallet Account Hacked
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The Chief Executive Officer of Ripple, Brad Garlinghouse, has reported that the XRP wallet of Chris Larsen, Ripple’s Co-founder, has been hacked.
The hackers, which are yet to be discovered, have stolen 213 million XRP tokens worth $112 million. The XRP token is a cryptocurrency established by Ripple to enable seamless transactions on its system.
XRP Token Fell By 4% In Value Following The Incident
Following the incident, the XRP token fell by 4% in value, which is $0.50 per XPR token. However, it has been revealed that the stolen funds came from Chris Larsen’s wallet and not from Ripple itself.
Chris Larsen posted on X, formally known as Twitter, stating that some hackers have accessed his account. This occurred on Tuesday, 30th January 2024. But he firmly denied invaders targeting any account of Ripple’s network.
Garlinghouse declared that the hacking was a personal security breach and not a breach in Ripple security. He said there’s no need for irresponsible rumors and he assures users that there’s no discovery of any compromise in Ripple-managed wallets.
The method used to carry out this fraudulent act is still unknown, nevertheless, experts are certain that the hackers may have compromised Larsen’s private password.
Larson reported that almost all the affected funds were changed from XRP and a significant amount were frozen. He has decided to get assistance from law enforcement agencies to aggressively go for the remaining funds.
Binance Says It Will Provide Support During Investigation
As stated by Binance’s spokesperson, Simon Matthews, the firm knows about this incident and aims to give a supporting hand in investigating the matter. Also, Megan Thorpe, Kraken’s representative, claims they have set up a response team to prevent similar cases of fraud.
Ripple, previously known as RippleNet, is a blockchain-based network for digital payments developed in 2012. Not long ago, the network introduced the improved Ripple Payments solution to simplify payments. It proclaims to be a trustworthy payment provider enhancing the capital market worth $27.4 billion.
Currently, cybercriminals see crypto wallets as the main target. Mark Cuban, an investor, billionaire, and famous TV personality, fell victim to hackers recently. He lost all his crypto-bought funds worth $900,000 in his OpenSea inactive Cuban wallet.
The general crypto community shows concerns about individual wallet safety. Experts have advised to improve the management of digital assets and to increase awareness of rising cyber threats.
