Correction (March 20, 2024): In our original article published on February 1, 2024, we incorrectly reported that Ripple had been the victim of a hack resulting in the loss of $112 million. This information was based on misinformation spread on social media and erroneously reported by other outlets. We have since learned, based on clarifications from Chris Larsen and Ripple CEO Brad Garlinghouse, that the loss was related to Chris Larsen’s personal funds, not Ripple’s.
Ripple, the company behind the XRP cryptocurrency, appears to have been the target of a potential hack involving the unauthorized movement of 213 million XRP, roughly equivalent to $112.5 million at current market prices.
While the nature of the incident and its details remain under investigation, concerns have impacted the XRP market, leading to a 5% price drop.
Reports on social media, primarily from independent blockchain analysts, indicate that a large sum of XRP was transferred from an address associated with Ripple on January 31, 2024. The funds were then allegedly dispersed across several cryptocurrency exchanges, including MEXC, Gate, Binance, Kraken, OKX, HTX, and HitBTC.
It appears @Ripple was hacked for ~213M XRP ($112.5M)
Source address
rJNLz3A1qPKfWCtJLPhmMZAfBkutC2QojmSo far the stolen funds have been laundered through MEXC, Gate, Binance, Kraken, OKX, HTX, HitBTC, etc pic.twitter.com/HKGYsLQeMv
— ZachXBT (@zachxbt) January 31, 2024
Ripple has not yet released any official statement regarding the alleged hack. The company’s Twitter account remains inactive as of the time of writing.
News of the potential hack triggered a sell-off in the XRP market, leading to a 5% price drop within minutes.