Ripple hacked for 213 million XRP worth $113 million

Ripple co-founder Chris Larsen revealed on Wednesday that there had been “unauthorized access” to some of his personal XRP accounts.

This announcement came in response to findings by crypto investigator ZachXBT, who suggested that Ripple might have been hacked, resulting in the potential loss of 213 million XRP, equivalent to $112.5 million.

Larsen clarified that the security breach was confined to his personal XRP accounts and did not affect Ripple itself. Swift action was taken to identify and address the issue promptly. Larsen stated, “We were quickly able to catch the problem and notify exchanges to freeze the affected addresses. Law enforcement is already involved.”

The initial observation of the suspicious outflow was made by ZachXBT, who initially attributed it to a potential breach at Ripple. The incident involved eight outgoing transactions on January 30, ranging from 400,000 XRP (roughly $200,000) to 69.7 million XRP. The transferred funds were directed to several cryptocurrency exchanges, including MEXC, Gate, Binance, Kraken, OKX, HTX, and HitBTC.

In response to the security concerns, XRP experienced a 4.1% decline, falling to $0.50.