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Co-Founder’s XRP Accounts Reportedly Breached: Emphasizing Separation from Ripple

In a startling revelation, crypto investigator ZachXBT, claimed on X platform that Ripple, the blockchain-based payment protocol, fell victim to a significant hack involving approximately 213 million XRP, equivalent to $112.5 million. However, Chris Larsen, Co-Founder & Executive Chairman of Ripple, quickly responded, clarifying that it wasn’t Ripple’s systems that were compromised. Larsen explained that the unauthorized access was limited to a few of his personal XRP accounts and not the official Ripple platform.

Remarkably, no official announcement has been made by Ripple regarding the alleged hack, leaving the community in suspense about the incident’s true nature.

ZachXBT included in his post on X, that ” So far the stolen funds have been laundered through MEXC, Gate, Binance, Kraken, OKX, HTX, HitBTC …” , while Chris Larsen confirmed that Law enforcement is already involved.

As of the last 24 hours, XRP has seen a substantial 2.8% loss in its value, adding to the woes of investors who have already witnessed an 18% decline since January 1st. This downturn sharply contrasts with the general market trend that saw a surge in prices leading up to the announcement of Bitcoin spot ETFs on January 11.

On January 15, Hong Kong Virtual Asset Consortium, a leading authority in providing ratings for digital asset trading platforms and crypto market indexes, revealed that Ripple’s XRP has been removed from the top five global crypto index. In its place, Solana (SOL) has been introduced to the index.

Earlier, in October 2023, the United States Securities and Exchange Commission (SEC) chose to dismiss charges against Ripple CEO Brad Garlinghouse and Executive Chairman Chris Larsen, who had been entangled in a legal battle alongside their company over alleged violations of securities laws related to the XRP token.

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Unlock News Desk, is a group of Blockchain and Crypto enthusiastic young people, working to keep Unlock readers up to date with the industry news. Connect with the team via email: info(@)unlock-bc.com

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