Ripple Hacked for 213 Million XRP Worth $112.5 Million

In what is certainly a concerning development, Ripple has been hacked for $112 million worth of XRP. Indeed, crypto investigator ZachXBT reported that the company was hacked for 213 million XRP tokens. Moreover, the stolen funds were then laundered through MEXC, Gate, Binance, Kraken, OKX, HTX, and HitBTC.

Shortly after the hack was reported, Ripple’s XRP token had fallen by more than 5%. The report stated that the mass of funds had been stolen by one wallet, which ZachXBT did release in his original post to X (formerly Twitter). Shortly after, Ripple co-founder Chris Larson confirmed the hack had taken place.

Also Read: Ripple: XRP Historical Patterns Suggest Potential Price Explosion

Ripple Suffers Hack of More than $112.5 Million

The digital asset sector has certainly not had the start to the year that it had hoped. Despite the landmark Spot Bitcoin ETF decision, many assets did not receive the benefit of the optimism many had entering 2024. Now, one asset has been the subject of a massive theft.

Specifically, Ripple has been hacked for 213 million XRP worth more than $112.5 million. The initial report came from noted crypto investigator ZachXBT. Indeed, he noted that the hack took place, the source address of the hack, and where the funds were subsequently laundered.

Also Read: Ripple: XRP Historical Patterns Suggest Potential Price Explosion

After the initial reports, Chris Larson the co-founder of Ripple confirmed the theft. In a post to X, he said there was “unauthorized access to a few of my personal XRP accounts.” Additionally, he noted that the problem was caught, exchanges were notified to freeze addresses affected, and law enforcement was involved.

The value of XRP took a notable hit following reports of the hack. Following the reports of the hack, XRP had fallen a drastic 5%, with understandable panic among investors. Currently, the asset is trading at $0.50 following the 5% drop on CoinMarketCap.