Based

Spot

<figure>
 <figcaption>
 Cover image via <a href="https://u.today/" rel="noopener noreferrer nofollow">U.Today</a>
 </figcaption>
</figure>
Ripple's cofounder fell victim to a security breach that led to the unauthorized sale of over 200 million <a href="https://u.today/xrp-army-honored-by-major-exchange" rel="noopener noreferrer nofollow">XRP</a>. The transactions, which occurred between 11:00 a.m. and 10:00 p.m. UTC, resulted in a net sell-off of nearly 100 million XRP, primarily on the exchanges Binance and OKX. This series of large-scale disposals culminated in a significant net outflow in the XRP Spot Cumulative Volume Delta, which tracks the net <a href="https://research.kaiko.com/insights/a-week-of-exploits" rel="noopener noreferrer nofollow">buying and selling pressure</a>.
The value of the XRP lost in this illicit sell-off is substantial. Based on the CVD's net sell-off figure, and considering XRP's average market price during the time of the transactions, it is estimated that the hacker managed to liquidate tens of millions of dollars worth of XRP before the accounts were immobilized.&nbsp; <img alt="XRP Spot CVD" src="https://research-backoffice-prod.kaiko.com/wp-content/uploads/sites/2/2024/02/image.webp">Source: <a href="https://research.kaiko.com/insights/a-week-of-exploits" rel="noopener noreferrer nofollow">Kaiko Research</a>
The freeze on the hacker's accounts was a reactive measure to curb further unauthorized liquidations, but not before a considerable sum was siphoned off.
This incident casts a shadow over the <a href="https://u.today/xrp-army-honored-by-major-exchange" rel="noopener noreferrer nofollow">XRP</a> market, raising concerns about security and the swift action required to mitigate such exploits. However, the market's reaction has been somewhat restrained, indicating a maturing landscape that is learning to weather such storms with more resilience.
Turning to the price analysis of <a href="https://u.today/xrp-and-cardano-turn-green-in-708-million-etf-rally" rel="noopener noreferrer nofollow">XRP</a>, the asset has faced downward pressure amid these events. XRP has been trading with a bearish bias, recently hovering around the support level of $0.5.&nbsp;
A breach below this support could potentially lead to further declines, with the next critical support level lying at $0.5. On the upside, resistance is forming near $0.5692, which XRP would need to surpass to signal any potential recovery.

Here's How Much XRP Hacker Managed to Sell Before Accounts Got Frozen

U_Today

2024년 2월 6일에 게재된 다른 기사

Ex-Terraform Labs developer reportedly testified against Do Kwon

Crypto: Ripple in turmoil once again facing the SEC!

Why Is Vitalik Buterin So Bullish on This Decentralized Social Media Network

Binance Unveils Dymension (DYM) Listing, Will Price Rally?

Exploring Crypto’s Latest Highlights: Bukele’s Win, Powell’s Warnings, and Farcaster’s Surge

OECD predicts rate cuts as U.S. inflation takes a downward turn

무료 뉴스레터에 가입하여 매일 최신 암호화폐 소식을 받아보세요!