In a startling development for the crypto community, Ripple has reportedly fallen victim to a major security breach. Crypto detective ZachXBT revealed the hack on January 31, 2024, stating that approximately 213 million XRP, equivalent to $112.5 million, were stolen. The breach has raised concerns about security measures at major crypto entities.
The source address linked to the hack, rJNLz3A1qPKfWCtJLPhmMZAfBkutC2Qojm, served as the starting point for the illicit activity. The stolen funds were systematically laundered through various exchanges, including MEXC, Gate, Binance, Kraken, OKX, HTX, HitBTC, and others.
Ripple’s co-founder and executive chairman, Chris Larsen, issued an official statement detailing the breach’s extent and the actions being taken to address it.
The news of the hack coincides with Ripple’s planned unlock of 1 billion XRP from its escrow account, a move that historically sparks speculation about its impact on XRP’s market value.
The current security breach adds an extra layer of uncertainty, with market observers closely monitoring its potential influence on investor confidence and the market’s reaction to the impending escrow release.
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