XRP falls 5% due to information about unauthorized access – co-founder’s personal account damaged by hacking | CoinDesk JAPAN

XRP (XRP) fell more than 5% on January 31st amid speculation that $112.5 million worth of shares may have been hacked.

Ripple co-founder and executive chairman Chris Larsen subsequently had his “personal XRP account” hacked, but Ripple itself was not hacked. I posted on X (Twitter) that there wasn’t.

“We quickly discovered the issue and were able to notify the exchange to freeze the affected addresses. Law enforcement has already been contacted,” Larsen wrote.

This incident was first brought up by ZachXBT, who monitors blockchain activity, who stated on X that 213 million XRP had been withdrawn from his wallet on the XRP Leger blockchain. The withdrawn XRP was then laundered through multiple crypto asset (virtual currency) exchanges, including Binance, Kraken, and OKX.

It appears @Ripple was hacked for ~213M XRP ($112.5M)

Source address
rJNLz3A1qPKfWCtJLPhmMZAfBkutC2Qojm

So 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

According to CoinMarketCap, XRP is the 6th largest cryptocurrency by market capitalization and is the native cryptocurrency of XRP Leger, a blockchain specialized in payments. XRP Leger is also the foundation of RippleNet, a cross-border payment platform specialized for financial institutions.

According to data from CoinDesk, XRP is trading at $0.497 at the time of writing.

｜Translation/Editing: CoinDesk JAPAN Editorial Department
｜Image: CoinDesk
｜Original text: Ripple’s XRP Drops 5% After Executive Is Hacked, Sparking Rumors of Network Breach