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Ripple’s co-founder confirms $113m theft, XRP down 5%

Press Releases Crypto News Crypto-News Ripple’s co-founder confirms $113m theft, XRP down 5%

On-chain sleuth ZachXBT noted 213 million XRP tokens moved through almost a dozen addresses to centralized exchanges in an apparent Ripple hack.

The XRP tokens worth roughly $112.5 million started moving on Jan. 30 before being laundered on platforms like Binance, Gate, HTX, HitBTC, Kraken, and OKX, according to ZachXBT’s investigation.

Shortly after ZachXBT reported the incident, Ripple co-founder and executive chairman Chris Larsen said there was unauthorized access to some of his personal XRP accounts.

Larsen stressed that the tokens were not controlled by Ripple as a company, adding that exchanges and law enforcement had been informed about what may be a hack.

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. Law enforcement is already involved. https://t.co/T3HtKSlzLg

— Chris Larsen (@chrislarsensf) January 31, 2024

XRP hack or insider dumping?

However, some social media observers espoused skepticism about the supposed theft and speculated why Ripple or Larsen did not flag the transactions until ZachXBT shared his findings with the public.

Kirill Tiufanov, founder of web3 security startup Polyzoa, highlighted delays in transaction execution during the XRP outflows. Speaking with crypto.news, Tiufanov cited the on-chain timestamps, which showed the funds were moved over a 10-hour period.

The web3 security expert said delayed transactions also suggested manual input rather than an automated script or smart contract typically employed by crypto hackers and wallet drainers. Coinbase direc

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Author: Naga Avan-Nomayo

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