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

[GlacierBIT]

Sometimes it seems that XRP is an exceptional cryptocurrency, such events should negatively affect its condition, but the price is actually relatively stable. Hacking is a dangerous business, we can consider xrp lucky, not everyone gets this chance. Such cases will most likely be repeated, since there have already been attempts, you need to be careful when investing in XRP.

[tsaroz]

The effect on Ripple's price was not that dramatic like about 5% in loss but XRP has been on it's lower side for quite a time now and were not increased much compared to other popular coins. Binance and some of the exchanges have flagged and froze the funds deposited on the exchange through the wallets that are in connection to the hack. They might proceed with returning the coin to Chris Larsen. This I suppose is a hack of a personal wallet who happens to be one of the largest holder and a co-founder of the Ripple project. It would add one more stone for the grave of Ripple which already have too many. I hope to see them out of top 10 coins by marketcap within this year.

[btc78]

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.

Well that is true but it still sends out the wrong message

Investors fear that if a founder lost $112 million what could the others lose when they are holding much lower amount than that? It is definitely not looking good and i am sure a lot are considering pulling out their investments

We just need to see and check how everything will play out in the future

[trendcoin]

It makes me sad when someone has money stolen from their wallet. I feel sorry for whoever it is, but I have to admit that when I saw Chris Larsen's tweet, I laughed a little bit. Chris Larsen said in his tweet (https://twitter.com/chrislarsensf/status/1752702297971532258) that he contacted law enforcement and exchanges about the stolen money and that he contacted them to freeze the accounts.

Even if you are the co-founder of a centralized coin that cannot be found because the Genesis block is missing, you may have to ask for help from law enforcement. Life is really cruel... :)

[jaberwock]

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.

Yeah, $112 Million is a large amount, I wonder how the holders and investors of the coin are still calm and didn't start dumping their holdings, maybe because they are at a loss at the moment, because when security breaches like these happen, especially with the team members, a normal investor would feel unsafe and would want to migrate to another asset instead. A breach that can compromise the accounts of the co-founder can easily hit the wallets of a retail investor with an average sum.

This isn't going to be good for the reputation of the coin and the case it's fighting against the SEC. They were questioned for selling unregistered securities and now they will be asked about the security of the assets and products their investors have access to. I would withdraw my investment from XRP if I had any.

[wheelz1200]

These stories are all too popular.  I missed the story but if so, hoe much do you trust this team if theor leader doesn't even know how to properly store their own stash of crypto lol.  It's not that I don't feel bad for them but being in the busie.ss they know the risks and obviously skipped a couple security steps which cost him huge.

[tread93]

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

 Hahhaha damn that is savage. Talk about adding salt to the wound with this whole XRP charade in court I mean talk about a fiasco and then this! Lmao what a big OOOOFFFFFFF by the co-founder. I mean talk about spilling your marbles while you have the spot light on you ahhahahah. I really hope that they win agains the SEC for good it would be fantastic to see them victorious after all this. I have a small amount of XRP just in case and man wouldn't it be epic to see it hit like 10 bucks in 10 years or something?!

[poodle63]

the first time i see his tweet i was kinda baffled tbh, this is not measly amount yet it seems that on his side he is lacking the discipline of doing all the security measure needed so that his coin won't get stolen by some random.
the lawsuit i guess is his last resort since it seems he can't really retrieve back the money, i might be wrong though but it really seemed so.

These stories are all too popular.  I missed the story but if so, hoe much do you trust this team if theor leader doesn't even know how to properly store their own stash of crypto lol.  It's not that I don't feel bad for them but being in the busie.ss they know the risks and obviously skipped a couple security steps which cost him huge.

goes to show that this coin isn't worth investing even a dime these whole thing just seemed ridiculous.
imagine a founder of XRP losing their own XRP, personally i never invested in XRP and will have no plan to do so.

[Adreman23]

he was able to freeze the affected addresses

It's not crypto if it can be frozen.

The term "freeze" implies that you can't trade it because it's monitored on the blockchain. For example, if you send it to an XRP wallet, it remains under surveillance, and the wallet you sent it to, is associated with the monitored wallet address. As a result, you can't exchange it for other cryptocurrencies. This is why the $112 million worth of XRP that was hacked is essentially rendered useless, as it can't be utilized. However, the XRP held by the hacker is still sendable, it's just frozen, preventing it from being traded for other cryptocurrencies.

[God bless u]

After this news, now people will feel the fear of crypto-currency, they will withdraw as much money as they have in the market, because whenever such an incident happens, panic spreads among the people, then people mostly invest a little. For some time now I see that for the last two days the market has just stopped at the same place and is not giving the name of moving forward. The main reason for this is that in Since then people have withdrawn their money and people are waiting now the fear among people has been released because XRP is not a small coin it is a coin of a well fundamental.

Now again the market will be stable but it will take time because whenever same incident appear all the trader are feeling fear at least few days but when the story  will old then people will forget this and again dive into market same as before.

[Kelward]

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.

News of hacks and scams in the crypto industry is now a normal and regular occurrence, and this is affecting the trust of cryptocurrency in general to the world, I'm seriously wondering and hoping if there'll ever be a stop to these hacks, I guess not. The question raised should be a concern to every crypto holder, if a top class crypto holder with with millions of dollars worth, that is supposed to have a strong fireproof security can be hacked, then what is the hope of the ordinary holder? I've read that he freezed the account, good for him, we'll just wait and see how it works out for him, if he can eventually unfreeze the account and recover the stolen coins.

[Adbitco]

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

Thanks for sharing this image here i was like this is very strange to attack XRP network even at this critical time again.
This shows that everyone needs to be very mindful with their security, choosing a very strong and solid password is essential and i don't know why people don't show signs of seriousness with the way to store their personal data such as private key, seed-phrase. The news above doesn't have any effects on XRP rather his personal wallet address was compromised.

[peter0425]

Sometimes it seems that XRP is an exceptional cryptocurrency, such events should negatively affect its condition, but the price is actually relatively stable. Hacking is a dangerous business, we can consider xrp lucky, not everyone gets this chance. Such cases will most likely be repeated, since there have already been attempts, you need to be careful when investing in XRP.

Now that We have seen this cases We must consider how vulnerable and weak the management and so as the projects , wondering how much this can fall more in the coming months ? I'm afraid how much is the potential dumping.

These stories are all too popular.  I missed the story but if so, hoe much do you trust this team if theor leader doesn't even know how to properly store their own stash of crypto lol.  It's not that I don't feel bad for them but being in the busie.ss they know the risks and obviously skipped a couple security steps which cost him huge.

exactly the point here , there are many believer still but they are not aware of how weak this project is.

[Huppercase]

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.

How is $112 million worth of XRP hack birth this episodes that you have shared including SEC part that you included. The last time I check, XRP didn't rest that much to this hack, didn't plummet to as high as 10% like other coins use to do when they are hack. Perhaps, because it was announced that some of the tokens that were transfer to exchange were quickly seize on Binance and Okex exchange, this isn't good for the XRP community, project underperformed whenever there is too much coin on circulation and XRP already had much billions.

I don't know how bad the state has been but this would have been better if they fork XRP. They should pass a vote of confidence in the Dao that's if they had one and make sure that the whole of that XRP is useless and then compensate the co-founder from the foundation just to make the community gain back trust and the exchanges don't have to worry about such coins.

Although, I'm having some questions. Why is Binance not making investigations on these XRP that came to their exchange. I thought they have KYC to identify thefts or they don't use them for fishing out these type of heist in crypto, clowns.

[JayTrain]

It seems like the market didn't react significantly to this, and even Ripple's coin didn't experience a substantial drop in price. The ongoing legal battles with the SEC have become somewhat routine, lasting for an extended period, and people seem accustomed to it, accepting it as a reality. However, observing the market's response indicates that the XRP community remains optimistic about the cryptocurrency's prospects.

[batang_bitcoin]

It shocked by the paper with the amount that's involved but, almost there's no impact on it whenever I've seen this news.  Poor guy, one of the co founders of a big project but then got hacked. That's a lot of money but if he's got more for sure, he could be one of the billionaires that are into his/her own project. In that sense, he can simply recover that back but many also of these hack reports are like their exit plans.

[Abiky]

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.

This is not surprising news. Especially when XRP is utterly-centralized. Truly-decentralized cryptocurrencies like Bitcoin and Ethereum are much more secure and reliable. But XRP fanboys don't care about this as long as they're able to cash in on the hype.

Despite the recent turmoil, I don't think this marks the end of XRP. The developer team would mostly likely introduce a series of bugfixes and patches to prevent something similar from happening again. While I'm not a fan of XRP, I wish all the best to Mr. Larsen. Hopefully, the authorities catch the hacker to help recover the co-founder's funds. If the hacker used centralized exchanges to sell the XRP, this would be a piece of cake.

[Rimueng]

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.

I was shocked for this news, and I read it on cointelegraph. Chris Larsen's hacked XRP account was quite an alarming, wow, worth $112 million. For us in this btt forum, let it be a reminder of the security risks in the crypto world. Luckily there was quick action from Larsen. To freeze the affected addresses and notify exchanges and law enforcement is commendable. In this case is particularly sensitive considering Ripple's ongoing legal battle with the SEC, and the subsequent drop in XRP prices reflecting the reaction of the crypto market. When there is hacking in crypto, of course what we fear is not to have a long-term effect on the market, this is really not good for holder.

[o48o]

he was able to freeze the affected addresses

It's not crypto if it can be frozen.

I am not defending this crappy coin, but let's at least get our facts straight. He didn't freeze anything. He notified centralized exchanges to freeze the accounts with stolen xrp. Centralized exchanges have always been able to freeze every account, and are legally obligated to prevent to let people wash stolen money. The text OP posted is misleading. Even though ripple is centralized, this is not the example of it, in fact it's quite the oppose. Hacker just wasn't fast enough to cash out.

And again, while i loath XRP, this could happen to anyone with any crypto. If anything this is just underlining that Ripple is very much similar to other cryptos out there. And the fact it can be stolen in the first place is one of those key issues that might prevent mass adoption. So i don't understand why people are bashing XRP for this specific thing.

[jrrsparkles]

Title looks misleading after reading the proofs provided by the fellow members and this hack doesn't connect to XRP at all since the hacked funds were from his personal wallet not even the XRP. But this could be used for the advertisement to promote the name negatively even to gain attention and if US court gives favorable response to the project then they can use this to fuel it's price further.