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<p><span style="font-weight: 400;">Ripple co-founder and executive chairman Chris Larsen said his personal XRP accounts were hacked with reports putting the loss at as high as $112.3 million.</span></p> 
<p><span style="font-weight: 400;">XRP had plunged about 5% when it was initially believed that Ripple itself was the victim of the hack after crypto analyst ZachXBT </span><a href="https://twitter.com/zachxbt/status/1752694489905528943"><span style="font-weight: 400;">flagged</span></a><span style="font-weight: 400;"> the suspicious activity.&nbsp;</span></p> 
<p>But Larsen corrected the record in <span style="font-weight: 400;">a Jan. 31 post on X.&nbsp;</span></p> 
<p><span style="font-weight: 400;">“Yesterday, there was unauthorized access to a few of my personal XRP accounts (not @Ripple) — we were quickly able to catch the problem and notify exchanges to freeze the affected addresses,“ Larsen </span><a href="https://twitter.com/chrislarsensf/status/1752702297971532258"><span style="font-weight: 400;">said</span></a><span style="font-weight: 400;">. “Law enforcement is already involved.”</span></p> 
<p><img decoding="async" src="https://static.news.bitcoin.com/wp-content/uploads/2023/10/xrp.jpg" alt="Spotlight on Ripple's Elite: Unveiling the Top 10 XRP Wallets – Featured Bitcoin News"></p> 
<h2 id="span-style-font-weight-400-hackers-tried-to-launder-the-ripple-chairman-s-xrp-through-multiple-exchanges-span"><span style="font-weight: 400;">Hackers Tried To Launder The Ripple Chairman’s XRP Through Multiple Exchanges</span></h2> 
<p><span style="font-weight: 400;">The perpetrator(s) reportedly tried to launder the stolen </span><a href="https://insidebitcoins.com/news/best-crypto-to-buy-now-january-28-lido-dao-axelar-ripple"><span style="font-weight: 400;">XRP</span></a><span style="font-weight: 400;"> through at least six different exchanges, including Binance, Kraken and OKX. Larsen did not confirm the amount of XRP that was stolen, but ZachXBT said that the breach netted 213 million XRP worth around $112.5 million at the time of the incident.</span></p> 
<p><span style="font-weight: 400;">With the funds frozen, it remains unclear whether the stolen </span><a href="https://insidebitcoins.com/news/xrp-price-prediction-as-ripple-president-sees-breakout-moment-consider-this-bitcoin-alternative-for-10x-gains"><span style="font-weight: 400;">XRP</span></a><span style="font-weight: 400;"> is still in exchange custody.</span></p> 
<h2 id="span-style-font-weight-400-news-of-the-hack-causes-a-sudden-price-drop-span"><span style="font-weight: 400;">News Of The Hack Causes A Sudden Price Drop</span></h2> 
<p><span style="font-weight: 400;">News of the hack quickly spread and fears that the Ripple network itself had been compromised resulted in the remittance token’s price plunging 5%.</span></p> 
<p><img decoding="async" src="https://s3.tradingview.com/snapshots/c/ChfiSSN4.png" alt="TradingView Chart"></p> 
<p><span style="font-weight: 400;">Hourly chart for XRP/USDT (Source: </span><a href="https://www.tradingview.com/x/ChfiSSN4/"><span style="font-weight: 400;">TradingView</span></a><span style="font-weight: 400;">)</span></p> 
<p><span style="font-weight: 400;">The altcoin managed to pare losses within an hour of the news breaking. CoinGecko shows that XRP was </span><a href="https://www.coingecko.com/en/coins/xrp"><span style="font-weight: 400;">down</span></a><span style="font-weight: 400;"> more than 2% over the past 24 hours to trade at $0.4951 as of 5:05 am EST.</span></p> 
<p><span style="font-weight: 400;">Despite the positive momentum Ripple was able to build through 2023, the project has had a tough start to the year with the XRP price plummeting more than 19% over the past month.</span></p> 
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Ripple Chairman Chris Larsen Hacked For XRP Worth A Reported $112.3 Million

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Inside Bitcoins

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