How a $112 Million XRP Hack Shook the Crypto World!

[john1010]

On January 30, 2024, a shocking news broke out in the crypto world: Chris Larsen, the co-founder and executive chairman of Ripple, the company behind the XRP cryptocurrency, reported that his personal XRP accounts were hacked and $112 million worth of XRP were stolen by unknown attackers.

Larsen, who is one of the richest people in crypto, said that he was able to freeze the affected addresses and notify the exchanges and law enforcement. He also clarified that the hack did not affect Ripple or the XRP Ledger, the decentralized network that powers XRP transactions.

However, the hack caused a panic among XRP investors, who feared that the network was breached or that the hackers would dump the stolen XRP on the market. The price of XRP dropped by 5% on January 31, 2024, as the news spread.

The hack also added more pressure on Ripple, which is still facing a lawsuit from the U.S. Securities and Exchange Commission (SEC), which accuses the company of selling unregistered securities in the form of XRP. The case is expected to go to trial in February 2024.

Despite the legal challenges, Ripple is optimistic about reaching a positive resolution with the SEC and continuing its innovation and partnerships in the cross-border payments industry. Ripple’s president Brad Garlinghouse said that the company has a strong case and a loyal community of supporters.

Ripple is also working on filing a spot XRP exchange-traded fund (ETF), which would allow investors to buy and sell XRP on a regulated platform. The company is hiring executives to drive the ETF initiatives and meet the requirements of the SEC.

XRP is currently trading at around $0.53, with a market capitalization of $27.4 billion. Some analysts and experts have predicted that XRP could bounce back to $1 or even higher in the future, depending on the outcome of the lawsuit and the demand for the token.

The hack of Chris Larsen’s personal XRP accounts is one of the biggest and most shocking events in the crypto world. It shows the risks and challenges that crypto investors and companies face in this volatile and unregulated industry. It also shows the resilience and potential of XRP, which is still one of the most popular and widely used cryptocurrencies in the world.

[kizlod]

Lol, another proof that XRP is not worth our money. When a co-founder can't keep his coins safe - it means something.

[john1010]

Lol, another proof that XRP is not worth our money. When a co-founder can't keep his coins safe - it means something.

I think that XRP security is an important topic that deserves more attention and education. XRP is a digital asset that is used for fast and low-cost cross-border payments.
However, XRP security also depends on the users and how they store and manage their XRP. Users should always follow the best practices of crypto security, such as using strong passwords, enabling two-factor authentication, and keeping their private keys safe. Users should also be careful of phishing, scams, and malware that could compromise their XRP accounts.

The hack of Chris Larsen’s personal XRP accounts was a wake-up call for the XRP community. It showed that even the co-founder and executive chairman of Ripple, the company behind XRP, could fall victim to a cyberattack. It also showed that the hack did not affect the security or value of XRP as a cryptocurrency, but only the security of Larsen’s accounts.

[BabyBandit]

Lol, another proof that XRP is not worth our money. When a co-founder can't keep his coins safe - it means something.

It's called commercial smart ass. Nothing got stolen, he trying to make good commercial but it will bite back at him because he missing a important part a brain to use.

Lol, another proof that XRP is not worth our money. When a co-founder can't keep his coins safe - it means something.

When I read the news I thought exactly the same thing lol

I've never bought XRP and for me it's one of the worst altcoins out there, it's worth absolutely nothing, I find it impressive that it has the current market value... for me it should be worth 0.00 USD.

Agree on that. But they say 2024 will be their year but I call that BS.

[criptoevangelista]

Lol, another proof that XRP is not worth our money. When a co-founder can't keep his coins safe - it means something.

When I read the news I thought exactly the same thing lol

I've never bought XRP and for me it's one of the worst altcoins out there, it's worth absolutely nothing, I find it impressive that it has the current market value... for me it should be worth 0.00 USD.

[Iamcrypticguy]

On January 30, 2024, a shocking news broke out in the crypto world: Chris Larsen, the co-founder and executive chairman of Ripple, the company behind the XRP cryptocurrency, reported that his personal XRP accounts were hacked and $112 million worth of XRP were stolen by unknown attackers.

Larsen, who is one of the richest people in crypto, said that he was able to freeze the affected addresses and notify the exchanges and law enforcement. He also clarified that the hack did not affect Ripple or the XRP Ledger, the decentralized network that powers XRP transactions.

However, the hack caused a panic among XRP investors, who feared that the network was breached or that the hackers would dump the stolen XRP on the market. The price of XRP dropped by 5% on January 31, 2024, as the news spread.

The hack also added more pressure on Ripple, which is still facing a lawsuit from the U.S. Securities and Exchange Commission (SEC), which accuses the company of selling unregistered securities in the form of XRP. The case is expected to go to trial in February 2024.

Despite the legal challenges, Ripple is optimistic about reaching a positive resolution with the SEC and continuing its innovation and partnerships in the cross-border payments industry. Ripple’s president Brad Garlinghouse said that the company has a strong case and a loyal community of supporters.

Ripple is also working on filing a spot XRP exchange-traded fund (ETF), which would allow investors to buy and sell XRP on a regulated platform. The company is hiring executives to drive the ETF initiatives and meet the requirements of the SEC.

XRP is currently trading at around $0.53, with a market capitalization of $27.4 billion. Some analysts and experts have predicted that XRP could bounce back to $1 or even higher in the future, depending on the outcome of the lawsuit and the demand for the token.

The hack of Chris Larsen’s personal XRP accounts is one of the biggest and most shocking events in the crypto world. It shows the risks and challenges that crypto investors and companies face in this volatile and unregulated industry. It also shows the resilience and potential of XRP, which is still one of the most popular and widely used cryptocurrencies in the world.

If a cofounder acc can be hackedd, what's the hope of us retail traders.?

[cryptoaddictchie]

Lol, another proof that XRP is not worth our money. When a co-founder can't keep his coins safe - it means something.

Theres an investigation made by ZachXBT that there is something fishy about this hacked event on xrp. Well cant really say its a hack especially XRP is been so lomg and its quite impossible to have been by normies just like that its whooping big money and suddenly stolen is kinda weird. I belueve this is an inside assault or probably plan by whom I dont know its quite scary when you are investing on a centralized platform with huge premine.

[Knight Hider]

he was able to freeze the affected addresses

It's not crypto if it can be frozen.

[Husires]

Larsen, who is one of the richest people in crypto, said that he was able to freeze the affected addresses and notify the exchanges and law enforcement. He also clarified that the hack did not affect Ripple or the XRP Ledger, the decentralized network that powers XRP transactions.

This statement is worse than saying that his personal accounts were hacked and $112 million worth of XRP was stolen. How was he able to freeze the affected addresses? If XRP were decentralized, all he would be able to do is notify the exchanges and law enforcement authorities.

Day after day, XRP proves that it is highly centralized and that its only use is for cheap and secure international transactions at the protocol level. It can be frozen just like in financial systems, but if you are hacked at the individual level, you lose your money, which makes it very bad.

[kotajikikox]

Lol, another proof that XRP is not worth our money. When a co-founder can't keep his coins safe - it means something.

When I read the news I thought exactly the same thing lol

I've never bought XRP and for me it's one of the worst altcoins out there, it's worth absolutely nothing, I find it impressive that it has the current market value... for me it should be worth 0.00 USD.

Same thoughts here , Like what said that upon reading the news i come to have a second thought now about investing in Ripple because this is not a safe way to invest our money.

https://coinmarketcap.com/currencies/xrp/

But looks like this does not effect the performance of Ripple now because it stays strong in its position .

[krishnaverma]

Lol, another proof that XRP is not worth our money. When a co-founder can't keep his coins safe - it means something.

No that does not mean XRP ecosystem is weak. And it can happen with anyone, it does not that mean that the person with whom this happens is a fool.

[Husires]

But looks like this does not effect the performance of Ripple now because it stays strong in its position .

Investors do not usually care about future damage, and since the damage currently does not exceed Chris Larsen and clients' funds are safe, XRP will not be affected.

Lol, another proof that XRP is not worth our money. When a co-founder can't keep his coins safe - it means something.

No that does not mean XRP ecosystem is weak. And it can happen with anyone, it does not that mean that the person with whom this happens is a fool.

If he is able to freeze his  hacked assets, he will be able to freeze any asset in the network, which is direct proof of its centrality. Some may not care about it, but when decentralization becomes valuable, XRP will not be at the forefront.

[Tanzila420]

Hacking news is really very bad news in crypto sector because hacking / scamming news effect in current market condition.

[Xal0lex]

Lol, another proof that XRP is not worth our money. When a co-founder can't keep his coins safe - it means something.

What does this have to do with the coin itself? His personal wallets were hacked, not the Ripple network itself. Who's fault is it that he doesn't know how to pick normal passwords and/or seed? Only himself. Here's his post on X (Twitter). Notice what he says.



https://twitter.com/chrislarsensf/status/1752702297971532258

[xeqoRameshAxueamExaqana]

usually if there is bad news like this, the price of the coin immediately plunges freely. what's more, the price of xrp immediately crashes and the price is really destroyed. but until now the price of xrp is still calm.
xrp price still strong

[JariKriting]

Lol, another proof that XRP is not worth our money. When a co-founder can't keep his coins safe - it means something.

When I read the news I thought exactly the same thing lol

I've never bought XRP and for me it's one of the worst altcoins out there, it's worth absolutely nothing, I find it impressive that it has the current market value... for me it should be worth 0.00 USD.

a coin that if it is worth zero the dev runs away aka scam.
even the founder of the problematic tera luna until now USTC and luna or LUNC still have their prices. what's more xrp whose owner is USA, there are also many consumers of coin users in America. if there is a problem, they will be thrown into prison and impoverished to compensate Americans who buy xrp.

[2Pizza410000BTC]

Lol, another proof that XRP is not worth our money. When a co-founder can't keep his coins safe - it means something.

When I read the news I thought exactly the same thing lol

I've never bought XRP and for me it's one of the worst altcoins out there, it's worth absolutely nothing, I find it impressive that it has the current market value... for me it should be worth 0.00 USD.

I saw news yesterday about XRP being hacked. I bought some XRP coins and invested after hearing the predictions of many influencers. Many influencers predicted that XRP would stay high after the SEC charges settled. Some influencers predicted that XRP would go from $5 to $18 after the SEC charges settled. I bought some coins and invested. But now I understand that the team themselves can't provide any security for this coin so how can they make good predictions about this coin.

[Bureau]

usually if there is bad news like this, the price of the coin immediately plunges freely. what's more, the price of xrp immediately crashes and the price is really destroyed. but until now the price of xrp is still calm.
xrp price still strong

After reading your reply I checked the price and there is not much difference. Not sure what is happening but such news should have plunged the price to a great extent whereas it went down a little and now again trying to gain the same price before the hack. That means the community is still pumping money into it and that they believe it will regain its lost position. I am not a fan of XRP, but I have heard that it has a strong community and that is evident with its price.

[DapanasFruit]

Lol, another proof that XRP is not worth our money. When a co-founder can't keep his coins safe - it means something.

While I might agree with you on this statement that this event is a big smack on the face of XRP or rather the people behind it as we are expecting that being someone who is very much schooled on cryptocurrency, the ins and outs of the whole thing and the bigger knowledge on security issues around cryptocurrency yet we should also understand that no one is really immune with hacking much more so if you are a big holder like Chris Larsen, the co-founder and executive chairman of Ripple. The danger of hacking including scamming is all upon us. For now, this is not affecting XRP that much and so I am hoping this can be a big lesson to all of us to never take security for granted.

[el kaka22]

It didn't not "shake" the crypto world, it's normal and we are used to it at this point. XRP can also be considered as centralized as it gets so people are aware that things are not that simple and it could be meddled with a lot, while it is ranked high it doesn't mean that people trust the security of it, people just trust the potential of income they could make from it as well.

This is why I believe that the best thing to do regarding this would be just allowing yourself to be considered a little different in this regard. XRP hacks are not going to shake crypto world ever, it could shake the XRP community and that is very well and not going to change much, but it doesn't matter that it ends up with something that changes anything in the crypto world.