Massive Theft Strikes Ripple Co-founder
The digital asset world faced a shocking incident as Ripple’s co-founder, Chris Larsen, fell victim to a significant hack. An astounding 213 million XRP, valued at over $112.5 million, was stolen from Larsen’s personal accounts. Initially, the news broke through renowned crypto investigator ZachXBT, who detailed the hack, including the source of the theft and how the stolen funds were laundered.
Clarification and Response to the Hack
Contrary to initial reports that Ripple, the company, was hacked, Larsen clarified on X (formerly known as Twitter) that it was his personal accounts that were compromised. He revealed that there was unauthorized access to several of his personal XRP accounts. Larsen acted swiftly, notifying exchanges to freeze the affected addresses and involving law enforcement to tackle the situation.
Impact on XRP Value
The cryptocurrency market reacted quickly to the news of the hack. Ripple’s XRP token experienced a sharp decline, dropping by more than 5%. This decrease brought the trading value of XRP down to approximately $0.50. This incident added to the challenges faced by the digital asset sector, which has been struggling despite positive developments like the Spot Bitcoin ETF decision earlier in the year.
