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The post <a href="https://coinpedia.org/news/shocking-revelation-in-ripple-hack-insiders-role-in-major-xrp-token-theft/" rel="noopener noreferrer nofollow">Shocking Revelation in Ripple Hack: Insider’s Role in Major XRP Token Theft</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a>
A recent security breach involving the theft of 213 million XRP from Ripple co-founder Chris Larsen’s wallets on January 31st sparked a frenzy within the cryptocurrency community.&nbsp;
Hacken, a cybersecurity firm, has uncovered alarming details about the incident, shedding light on potential insider involvement and raising questions about Ripple’s internal security protocols.&nbsp;
<h2 class="wp-block-heading" id="h-hacken-s-investigation-reveals-secrets-nbsp">Hacken’s Investigation Reveals Secrets&nbsp;</h2>
Hacken’s investigation has revealed a complex laundering scheme involving multiple wallets, with a notable portion of stolen funds channelled through a single wallet labeled “rHyqB.”&nbsp;
Connections between “rHyqB” and another wallet, “rU1bPM4” were revealed with prior transactions with Larsen and Ripple, including a substantial $64.6 million transfer.&nbsp;
Hacken’s expert, Dmytro Yasmanovych’s analysis, has raised suspicion about <a href="https://x.com/hackenclub/status/1755246957201678670?s=20" rel="noopener noreferrer nofollow">potential insider involvement</a>. The community is seemingly concerned about internal security safeguards at Ripple.
<figure class="wp-block-image"><img decoding="async" src="https://lh7-us.googleusercontent.com/tlungVku3uyb5Z_CL8qARvq3Xhl0_ff0qkZQH7_xdL6M8v4rnuUhsZzKMy52j7Ic0cSmK8FUDF12umr1MhccY0fy5xEYof5a6x_ZC-xdfCfhRnS6SNt-sCp7s_zV3fE9lUwow5W25Sooq_Uz1S9azGs" alt="">
</figure>
As you can see from this, the compromised wallet marked in red shows the previous connection of transactions between the two wallets “rHyqB” and “rU1bPM4” with Laren and Ripple.&nbsp;
<h2 class="wp-block-heading" id="h-ripple-s-response-nbsp">Ripple’s Response&nbsp;</h2>
Following the security breach, Larsen promptly took measures to mitigate the impact, including informing exchanges like Binance to lock out the compromised addresses and involving law enforcement in the investigation.&nbsp;
While Ripple CEO Brad Garlinghouse dismissed rumors of a security leak within managed Ripple wallets, the incident has shaken market confidence, leading to fluctuations in XRP’s price.
<h2 class="wp-block-heading" id="h-bullish-xrp-predictions-amid-uncertainty">Bullish XRP Predictions Amid Uncertainty</h2>
Amidst the security breach and ongoing legal proceedings with the SEC, renowned crypto analyst Ben Armstrong has offered optimistic predictions for XRP’s future.&nbsp;
Armstrong <a href="https://coinpedia.org/news/ripple-vs-sec-outcome-ben-armstrong-predicts-10-million-settlement-optimistic-outlook-for-xrp-price/" rel="noopener noreferrer nofollow">emphasized </a>the importance of XRP adoption in America, highlighting the potential benefits for investors and financial institutions. Despite acknowledging XRP’s historical volatility, Armstrong predicted a milestone price of $1 for XRP by February 29th, with further gains anticipated thereafter.
Ripple is all over the news. From the security breach of co-founder Larsen, SEC’s motion to compel given the Court’s nod, and bullish predictions of XRP, Ripple seems to be tangled up in all sorts of complexities and uncertainties.&nbsp;

Shocking Revelation in Ripple Hack: Insider’s Role in Major XRP Token Theft

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