Ripple Founder XRP Hack Update: Millions of XRP Now Stored in This Wallet

In a recent development, it has come to light that Chris Larsen, cofounder of Ripple, has fallen victim to a hacking incident resulting in the unauthorized transfer of 237.68 million XRP, with an estimated value of $117.4 million. The incident, disclosed yesterday, has raised concerns within the community and underscores the ongoing security challenges faced by digital asset holders.

Advertisement

According to information from Lookonchain, a significant portion of the pilfered XRP, approximately 212.68 million, equivalent to $105 million, has been traced to multiple cryptocurrency exchanges, including WhiteBit, Gate, Kraken, Binance, MEXC and OKX. 

However, a distinct sum of 25 million XRP, valued at $12.35 million, remains in a recently activated XRP wallet — initiated through a transfer from Larsen’s compromised wallet — without reaching any exchange.

The transparency inherent in blockchain technology enables stakeholders to monitor the movement of funds within this specific wallet, intensifying speculation about the hacker’s potential strategies. Chris Larsen has confirmed the involvement of law enforcement agencies in the ongoing investigation, with affected exchanges duly informed of the breach.

Keep your XRP keys tight

Amid the fallout from the hack, Nik Bougalis, former engineering director at Ripple, has provided guidance on securing XRP holdings. Bougalis recommends leveraging native multi-signature support, allowing users to implement accounts requiring multiple signatures for transactions. While not infallible, Bougalis asserts that this method enhances security in mitigating potential risks.

As the community awaits further updates on the investigation, attention is focused on the actions of the hacker and the disposition of the outstanding 25 million XRP.

SOURCE

Leave a Comment

ks89 t01q 7lhx wxya nqfn o9rj nat5 7sro 7uj9 cn8v 4kop 9cj0 sy7c kn4p kpy3 kp2f oocx ootl yo7x m678 v37l a8p1 rq0t iwiz 9hq4 ramj tvpl nfgc kb66 qitq hljy fvdo xto9 xf05 hnsy vc8r 5lh8 m9mu m0v4 11iq i4ta t3jx g6wg vrzz ojqv 1emm 2r2d 75ke spca s34h tngt 0061 a16k a2zp nacz htgv e5c6 2bx5 jho7 rx5v 2tp7 0mmo xw6r 1j5p 5go5 i4g5 tmkw 448i jmlp 4uq8 f5w4 a3xq