- Shockwaves ripple through the market as a heist has targeted Chris Larsen’s personal XRP stash.
- Reports have estimated a theft of $112 million in XRP, marking it as one of the largest crypto thefts in recent history.
- XRP has suffered a 4% decrease in price but has swiftly recovered since the incident.
A ripple of unease ran through the digital asset community on Wednesday after ZackXBT, a prominent crypto sleuth, revealed a potential hack targeting Ripple co-founder Chris Larsen’s personal XRP holdings.
While the exact cause and full extent remain under investigation, initial reports suggest the attack may have resulted in the movement of significant amounts of XRP to major cryptocurrency exchanges.
Adding fuel to the fire, reports claim the displaced XRP, estimated at 213 million tokens, could be valued at over $112 million at current market prices. This would represent one of the largest individual crypto thefts in recent memory if confirmed.
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While initial details remain murky, a statement from Larsen himself offered some clarity. He acknowledged “unauthorized access” to his personal XRP accounts and confirmed swift action to freeze the affected addresses in collaboration with several prominent cryptocurrency exchanges.
Notably, Larsen emphasized that the compromised XRP belonged to him personally, not the Ripple company itself.
“Yesterday, there was unauthorized access to several of my personal XRP (not Ripple) accounts; we were able to quickly identify the issue and notify the exchanges to freeze the affected addresses. Law enforcement is already involved.”
However, Larsen’s explanation did little to quell the growing chorus of doubt and confusion. Many social media users questioned why he would hold such a substantial amount of XRP in his personal accounts, while others expressed skepticism about the clear-cut separation between Larsen and Ripple, as implied in his statement.
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“Totally completely separate entities wink wink,” quipped ZachXBT in a seemingly sarcastic reply to Larsen’s tweet, capturing the prevailing sentiment of disbelief and questioning. The news sent shockwaves through the market, with the price of XRP experiencing a noticeable dip of 4% in the immediate aftermath.
On the Flipside
- While Larsen emphasized the stolen XRP was personal, some have questioned the potential conflict of interest given his position as Ripple co-founder.
- The lack of clarity regarding the exact cause and extent of the hack, coupled with Larsen’s seemingly dismissive response, could fuel speculation and distrust within the community.
- This incident could strengthen the SEC’s case against Ripple.
Why This Matters
As law enforcement investigates the matter, the Ripple community awaits further details and reassurances about the company’s security protocols. The incident also raises broader questions about the transparency of cryptocurrency holdings by influential figures in the industry and the potential for conflicts of interest.
Curious about a potential XRP ETF? This article explores recent hints and hurdles:
New Ripple Job Posting Hints at “ETF Initiatives” for XRP
How is FTX trying to repay its debts? A look at risky Bitcoin trades and asset sales:
FTX Shorts Bitcoin with Leverage as a Plan to Resolve Debts
