Bitcoin

ZachXBT

<p>The post <a href="https://coinpedia.org/news/total-xrp-sold-on-crypto-exchanges-post-ripple-hack-kaiko-insights/">Ripple Hack Triggers XRP Sell-Off! Market in Freefall as 200M Tokens Vanish</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>In the midst of a crypto whirlwind, <a href="https://coinpedia.org/price-prediction/xrp-ripple-price-prediction/">Ripple’s XRP</a> faced a major setback when the wallet of one of its co-founders got hacked, resulting in the disappearance of over 200 million XRP. This startling revelation, brought to light by cybersecurity analyst ZachXBT, not only triggered a surge in XRP token sales but also exposed significant security gaps in the crypto market.</p> 
<p>Read more about the impact below – remember, it could affect you too. </p> 
<h2 class="wp-block-heading" id="h-understanding-the-fallout">Understanding the Fallout </h2> 
<p>Following the breach, blockchain analytics firm <a href="https://research.kaiko.com/insights/a-week-of-exploits">Kaiko</a> reported a net sell-off of almost 100 million XRP, mainly on exchanges like Binance and OKX. Despite attempts by these platforms to freeze the hacker’s accounts, the damage was done, causing a noticeable drop in XRP’s market cap.</p> 
<p>The report delves into XRP’s cumulative volume delta (CVD), a metric showing the number of participants buying and selling. On Jan. 30, despite a positive CVD as users acquired more XRP, especially on Binance, the coin’s price still fell by 4.58% due to market turbulence. Struggling to stay above the critical support level of $0.55, <a href="https://coinpedia.org/news/ripple-vs-sec-sec-scores-victory-as-judge-orders-ripple-to-disclose-financial-information/">XRP</a> faced bearish pressure, possibly signaling a downward trajectory toward $0.37—an immediate consequence of the hack.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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   <p lang="en" dir="ltr"><img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f4cc.png" alt="📌" class="wp-smiley" style="height: 1em; max-height: 1em;">Ripple’s <a href="https://twitter.com/hashtag/XRP?src=hash&amp;ref_src=twsrc%5Etfw">#XRP</a> Cumulative Volume Delta (CVD) – a measure of net buying and selling – showed a net sell off of nearly 100mn XRP, primarily on Binance and OKX after last week’s hack of Ripple’s co-founder. <a href="https://t.co/xxk9uvG6lc">pic.twitter.com/xxk9uvG6lc</a></p>— Kaiko (@KaikoData) <a href="https://twitter.com/KaikoData/status/1754552473795408350?ref_src=twsrc%5Etfw">February 5, 2024</a>
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<p>Also Read: <a href="https://coinpedia.org/news/will-judge-torres-go-easy-on-ripple-experts-say-ripple-to-reaches-a-settlement-of-over-10-million/">Ripple vs SEC: Could a $10 Million Ripple Settlement Finally Resolve the XRP Lawsuit?</a></p> 
<h2 class="wp-block-heading" id="h-panic-selling-and-ripple-s-decline">Panic Selling and Ripple’s Decline</h2> 
<p>Interestingly, despite the initial buying signal, XRP’s CVD plummeted, particularly on exchanges like Binance and OKX, where users continued to offload their XRP holdings. This decline persisted until ZachXBT shed light on the hack affecting Ripple’s chairman, <a href="https://coinpedia.org/news/nik-bougalis-take-on-the-chris-larsen-xrp-security-incident/">Chris Larsen</a>. </p> 
<p>The hack targeted Larsen’s wallet, with the stolen XRP moved to centralized exchanges like Binance, HTX, OKX, MEXC, Kraken, and Gate.io. Most of the stolen XRP was converted to other cryptocurrencies, causing panic selling and a significant drop in XRP’s CVD.</p> 
<h2 class="wp-block-heading" id="h-all-hope-may-not-be-lost-yet">All Hope May Not Be Lost… Yet</h2> 
<p>Despite a slight recovery on Feb. 2, XRP’s CVD remained below average, with Binance and OKX seeing the most significant sales. Binance managed to freeze $4.2 million worth of XRP linked to the hack. However, ZachXBT revealed that the hackers successfully sold most of the stolen XRP, with massive Bitcoin withdrawals totaling $73.3 million, mainly from HTX, Gate.io, and Kraken.</p> 
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   <p lang="en" dir="ltr">The Ripple attribution for the rJNLz3A account was tagged in XRPScan and Bithomp (XRP block explorers) as the entity Ripple. <br><br>Funny how the community note leaves out that Chris Larsen is the Ripple co-founder and executive chairman. <a href="https://t.co/rLnVxwKfPK">pic.twitter.com/rLnVxwKfPK</a></p>— ZachXBT (@zachxbt) <a href="https://twitter.com/zachxbt/status/1752853358602494181?ref_src=twsrc%5Etfw">February 1, 2024</a>
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<p>ZachXBT suggests these withdrawals include XRP assets converted during the Larsen hack. Later, some of these Kraken funds were routed to a Bitcoin mixer, showcasing the ripple effect of the hacking incident on XRP and the broader <a href="https://coinpedia.org/news/ripples-potential-record-breaking-ipo-45-billion-xrp-takes-the-lead/">crypto market</a>.</p> 
<p>This Might Interest You: <a href="https://coinpedia.org/news/xrps-epic-comeback-ripples-u-s-market-return-ignites-crypto-frenzy/">Ripple Returns: XRP Poised to Enter US Market After 3-Year Hiatus&nbsp;</a></p>

Ripple Hack Triggers XRP Sell-Off! Market in Freefall as 200M Tokens Vanish

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