Cryptocurrency

Million

Read

<ul>
 <li>$112.5 million in XRP was stolen from Ripple’s Executive Chairman, marking the largest crypto theft.</li>
 <li>The theft triggered a 5% drop in XRP value, shaking confidence in cryptocurrency security.</li>
 <li>Rapid response included notifying exchanges and law enforcement to freeze the stolen assets.</li>
</ul>
In a stunning cybersecurity breach unparalleled in the cryptocurrency domain, Ripple’s Executive Chairman, Chris Larsen, faced a monumental loss. <a href="https://twitter.com/chrislarsensf/status/1752702297971532258" rel="noopener noreferrer nofollow">Hackers siphoned $112.5 million</a> worth of XRP from his personal accounts, marking this incident as the most significant digital currency theft to have occurred.
Blockchain expert ZachXBT was the first to disclose the breach, noting the sophisticated redirection of funds across six exchanges to veil the theft’s trace.
This incident precipitated a notable decline in XRP’s market value, with a more than 5% decrease observed shortly after the news broke. Larsen, however, was quick to reassure the public via X (formerly Twitter), clarifying that his Ripple-managed wallets remained uncompromised.
His prompt actions included alerting exchanges to immobilize the implicated accounts and engaging law enforcement to track down the culprits.
The resilience of Ripple and its community in the face of this adversity underscores a robust commitment to securing digital assets and enhancing cybersecurity measures. The swift response to the theft not only demonstrates Ripple’s preparedness for such incidents but also its dedication to maintaining the integrity of its network.
Looking ahead, XRP is poised to emerge stronger, with improved security protocols and a reinforced position in the cryptocurrency market, signaling a promising future for this digital currency.
<h4 class="wp-block-heading" id="h-read-also">Read also:</h4>
<ul class="wp-block-yoast-seo-related-links">
 <li><a href="https://cryptonewsland.com/indonesian-bitcoin-mining-operations-results-in-over-1-million-electricity-theft/" rel="noopener noreferrer nofollow">Indonesian Bitcoin Mining Operations Results in Over $1 Million Electricity Theft</a></li>
 <li><a href="https://cryptonewsland.com/youtubers-crypto-nightmare-how-one-mistake-cost-60000/" rel="noopener noreferrer nofollow">YouTuber’s Crypto Nightmare: How One Mistake Cost $60,000</a></li>
 <li><a href="https://cryptonewsland.com/ethereum-insider-sparks-controversy-accuses-buterin-of-idea-theft-from-cardano/" rel="noopener noreferrer nofollow">Ethereum Insider Sparks Controversy: Accuses Buterin of Idea Theft from Cardano</a></li>
 <li><a href="https://cryptonewsland.com/att-email-hacks-cryptocurrency-thefts-techcrunch/" rel="noopener noreferrer nofollow">AT&amp;T Email Breaches Result in Cryptocurrency Thefts</a></li>
 <li><a href="https://cryptonewsland.com/whalechart-north-korean-hackers-stole-7-billion-of-crypto-last-year/" rel="noopener noreferrer nofollow">Whalechart: North Korean Hackers Stole $7 Billion of Crypto Last Year</a></li>
</ul>
The post <a href="https://cryptonewsland.com/the-ripple-effect-over-100-million-xrp-stolen-prices-tumble-ripple-responds/" rel="noopener noreferrer nofollow">The Ripple Effect: Over $100 Million XRP Stolen, Prices Tumble – Ripple Responds</a> appeared first on <a href="https://cryptonewsland.com" rel="noopener noreferrer nofollow">Crypto News Land</a>.

The Ripple Effect: Over $100 Million XRP Stolen, Prices Tumble – Ripple Responds

Crypto News Land

Other articles published on Feb 1, 2024

5 Top Meme Coins You Can Invest in 2024 For Good Returns

Cryptocurrency Warning from Chinese Scientists – “The Most Important, Most Urgent and Most Necess...

100X Token Option2Trade (O2T) BONK) and SHIB Deep-Pocketed Investors with Explosive Growth

Ethereum steals the spotlight as Bitcoin tries to stay strong

Not Even Aave (AAVE) or Hedera (HBAR) Can Compete with Pullix (PLX) passive Income

Ethereum (ETH) Awaits Market Rally Amid Positive Indicators

Join our free newsletter for daily crypto updates!