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Breaking Ripple Hacked: On-Chain Analyst Reports $112.5 Million Worth of XRP Lost

2 mins
Updated by Ryan James
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In Brief

  • On-chain analyst ZachXBT reports a theft of approximately 213 million XRP from Ripple, valued at $112.5 million.
  • The stolen XRP tokens have reportedly been laundered through multiple platforms including MEXC, Gate, Binance, and more.
  • The flow of the stolen XRP is still being tracked, with further information on the hacking incident awaited.
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The on-chain sleuth ZachXBT has reported that the scammers have stolen approximately 213 million XRP worth $112.5 million from Ripple.

Update February 2, 2024: Binance CEO Richard Teng revealed that the platform managed to identify and freeze approximately $4.2 million worth of the stolen XRP. Teng confirmed that his team is still monitoring the exploiter’s wallet in hopes of tracing movements to exchanges.

The crypto community has been taken aback following a hack involving Ripple CEO’s XRP tokens.

Ripple CEO Involved Law Enforcement Agencies to Investigate XRP Theft

The screenshot below shows the flow of stolen XRP tokens.

“So far the stolen funds have been laundered through MEXC, Gate, Binance, Kraken, OKX, HTX, HitBTC, etc,” ZachXBT said.

Read more: Who Is ZachXBT, the Crypto Sleuth Exposing Scams?

Flow of Stolen XRP
Flow of Stolen XRP. Source: ZachXBT

Meanwhile, Chris Larsen, the CEO of Ripple, confirmed the incident. However, he clarified that Ripple’s wallets remain secure, but his personal XRP wallets were compromised.

“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,” said Larsen.

Following ZachXBT’s reports about Ripple’s hack, the price of XRP tokens fell by 3.5%. However, as of writing, the price has almost recovered.

XRP Price Performance
XRP Price Performance. Source: TradingView

This incident will effectively become the largest security breach of 2024. Before the Ripple hack, the crypto industry had already lost over $77 million to exploits and scams in January 2024, according to the Web3 security firm CertiK.

Read more: 15 Most Common Crypto Scams To Look Out For

“This represents a ~135% increase from the same time period last year with phishing attacks making up ~$29 million. The amount of incidents has also increased by roughly 30% compared to January 2023,” CertiK told BeInCrypto

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Harsh Notariya
Harsh Notariya excels in delivering SEO-optimized crypto news under tight deadlines. Previously, as a Growth Marketer at Sporty and a Community Consultant at Totality Corp, he significantly boosted community engagement and followers. Harsh also crafted engaging content for top crypto influencer Shivam Chhuneja, blending meme references for an educational yet fun experience. His versatile skills make him a notable figure in crypto journalism.