Million

Security

<div class="intro-text">
 Ripple network co-founder Chris Larsen has <a style="color: #0000ff;" href="https://x.com/chrislarsensf/status/1752702297971532258?s=20" rel="noopener noreferrer nofollow">announced in a post on X </a>that his personal accounts on the Ripple network were the target of an attack that resulted in the loss of XRP tokens valued at over $110 million.&nbsp;
</div>
The announcement came a few hours after a pseudonymous on-chain crypto researcher, <a href="https://twitter.com/zachxbt/status/1752694489905528943?t=Lv2FwyhTqZLsPSME9guyQA&amp;s=19" rel="noopener noreferrer nofollow">ZachXBT, posted on X</a> that the Ripple protocol had been hacked, and about 213 million XRP tokens were stolen in the process. According to ZachXBT, the stolen assets were subsequently laundered through various platforms, including Gate, MEXC, Kraken, OKX, HitBTC, Binance, and HTX.&nbsp;
In his <a style="color: #0000ff;" href="https://x.com/chrislarsensf/status/1752742706462523882?s=20" rel="noopener noreferrer nofollow">announcement</a>, which was in response to this information, Larsen emphasized that the attack wasn’t targeted at the Ripple network, as many individuals had misinterpreted the report, but at some of his personal accounts.&nbsp;
The Ripple co-founder explained that the hack was an isolated incident. He noted that as soon as he observed “unauthorized access” to these accounts, he took immediate action and requested that respective crypto exchanges freeze the impacted accounts. He added that they have informed and involved law enforcement agents in the case.&nbsp;
<blockquote class="twitter-tweet">
 It appears <a href="https://twitter.com/Ripple?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@Ripple</a> 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 <a href="https://t.co/HKGYsLQeMv" rel="noopener noreferrer nofollow">pic.twitter.com/HKGYsLQeMv</a>
 — ZachXBT (@zachxbt) <a href="https://twitter.com/zachxbt/status/1752694489905528943?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">January 31, 2024</a>
</blockquote>
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Chris Larsen’s comment on ZachXBT’s post. Source:&nbsp;<a style="color: #0000ff;" href="https://twitter.com/zachxbt/status/1752694489905528943?t=Lv2FwyhTqZLsPSME9guyQA&amp;s=19" rel="noopener noreferrer nofollow">X</a>
Ripple CEO Brad Garlinghouse has also addressed the issue. In <a style="color: #0000ff;" href="https://x.com/bgarlinghouse/status/1752742971005665780?s=20" rel="noopener noreferrer nofollow">a post affirming Larsen’s announcement</a>, He assured the public that the hack had no impact on any user accounts managed by the protocol.
<blockquote class="twitter-tweet">
 Given some irresponsible speculation and reporting, I want to reiterate that NO Ripple-managed wallets were compromised. Full stop. <a href="https://t.co/zxVeCH1Ut0" rel="noopener noreferrer nofollow">https://t.co/zxVeCH1Ut0</a>
 — Brad Garlinghouse (@bgarlinghouse) <a href="https://twitter.com/bgarlinghouse/status/1752742971005665780?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">January 31, 2024</a>
</blockquote>
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Meanwhile, many members of the crypto community have shared their perspectives on the hack. While some criticized Larsen, others expressed sympathy.&nbsp;
Notably, an X crypto influencer <a style="color: #0000ff;" href="https://x.com/stillhasissues/status/1752796606385074261?s=20" rel="noopener noreferrer nofollow">@Stillhasissues</a> voiced concerns and wished for a swift recovery of the funds. On the contrary, another X user, <a style="color: #0000ff;" href="https://x.com/petrijaervinen/status/1752744678666207448?s=20" rel="noopener noreferrer nofollow">@pretrijaervinen</a>, raised a point about the centralization element of the network’s asset management. The user questioned the project’s decentralization claim if accounts could be frozen that fast.&nbsp;
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The post <a href="https://defi-planet.com/2024/02/ripple-security-breach-co-founder-faces-110-million-loss-in-personal-account-hack/" rel="noopener noreferrer nofollow">Ripple Security Breach: Co-Founder Faces $110 Million Loss In Personal Account Hack</a> appeared first on <a href="https://defi-planet.com" rel="noopener noreferrer nofollow">DeFi Planet</a>.

Ripple Security Breach: Co-Founder Faces $110 Million Loss In Personal Account Hack

DeFi Planet

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