In a recent development, it came to light that Chris Larsen, co-founder of Ripple, was the victim of a hacking incident that resulted in the unauthorized transfer of 237.68 million XRP, with an estimated value of 117.4 million Dollars. The incident, revealed yesterday, has sparked concern within the community and highlights the ongoing security challenges faced by digital asset holders.
In a recent development, it came to light that Chris Larsen, co-founder of Ripple, was the victim of a hacking incident that resulted in the unauthorized transfer of 237.68 million XRP, with an estimated value of 117.4 million Dollars. The incident, revealed yesterday, has sparked concern within the community and highlights the ongoing security challenges faced by digital asset holders.
According to information from look chainA significant portion of the stolen XRP, approximately 212.68 million, equivalent to $105 million, has been traced to multiple cryptocurrency exchanges including WhiteBit, Gate, Kraken, Binance, MEXC and OKX.
However, a separate sum of 25 million XRP, valued at $12.35 million, remains in a newly activated XRP wallet (initiated via a transfer from Larsen’s compromised wallet) without reaching any exchange.
The transparency inherent in blockchain technology allows interested parties to monitor the movement of funds within this specific wallet, intensifying speculation about the hacker’s possible strategies. Chris Larsen has confirmed law enforcement involvement in the ongoing investigation, and the affected exchanges were duly informed of the breach.
Keep your XRP keys close at hand
Amid the fallout from the hack, Nik Bougalis, former director of engineering at Ripple, provided guidance on how to protect XRP holdings. Bougalis recommends taking advantage of native multi-signature support, which allows users to deploy accounts that require multiple signatures for transactions. While not foolproof, Bougalis says this method improves security by mitigating potential risks.
While the community awaits further updates on the investigation, attention is focused on the hacker’s actions and the disposition of the outstanding 25 million XRP.
