Blockchain investigator ZachXBT located a significant security problem inside Ripple’s company with Chris Larsen. ZachXBT discovered that hackers stole 213 million XRP worth $112.5 million from accounts tied to Larsen before moving them to various cryptocurrency exchanges.
The thieves moved stolen funds to multiple cryptocurrency exchanges such as Gate, Binance, Kraken, OKX, HTX, HitBTC, and MEXC. Several addresses served as transfer points for assets taken from victims during the theft. Up until ZachXBT revealed the breach on X the company and Larsen had remained silent about it.
Ripple Corporate Assets Safe
He disclosed that hackers stole funds from his private accounts without taking Ripple corporate assets. Our team found the security breach early and made all exchanges freeze their intended destination accounts immediately according to Larsen’s post on X.
After more inspections Larsen confirmed Ripple maintained safe control over its corporate funds throughout this single security breach. He reported that most of the stolen XRP got turned into various assets yet he blocked freezing many funds earlier. Law enforcement participation continues in investigating the remaining stolen coins and recovering them.
The incident develops during XRP’s growing market success which shows robust market performance. CoinGecko reports that XRP maintained a value higher than $3 for 15 daily closings from January 15 to January 30 based on its data reports. When this report was written Ripple showed $3.09 value and remained 9% below its peak of $3.40 set in January 2018.
The attack shows that cryptocurrency security needs better solutions especially for persons who store digital assets at high levels.
