Ripple Shock: On-Chain Expert Reveals $112.5M XRP Loss

ZachXBT, an on-chain researcher, has reported that about 213 million XRP, worth $112.5 million, were stolen from Ripple.

It has been revealed that a number of platforms, including MEXC, Gate, Binance, and others, have been used to launder the stolen XRP tokens.

More details about the hacking event are forthcoming, and the flow of the stolen XRP is currently being monitored.

Ripple Shock: On-Chain Expert Reveals $112.5M XRP Loss
Source: Payspace magazine
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According to the on-chain investigator ZachXBT, fraudsters have taken almost 213 million XRP from Ripple.

ZachXBT stated that the stolen money has so far been laundered via MEXC, Gate, Binance, Kraken, OKX, HTX, HitBTC, and other companies.

The discovery that Ripple has been hacked for $112 million in XRP is indeed alarming. In fact, according to crypto investigator ZachXBT, 213 million XRP tokens were stolen from the firm. Moreover, MEXC, Gate, Binance, Kraken, OKX, HTX, and HitBTC were used in the subsequent money laundering process.

After the breach was made public, Ripple’s XRP coin dropped by almost 5%. According to the article, ZachXBT released the wallet containing the large amount of cash in his initial post on X, which was once Twitter. Chris Larson, a co-founder of Ripple, verified the attack shortly after it happened.

A breach affecting Ripple totals about $112.5 million.

The year hasn’t gotten off to the ideal start for the digital asset sector. Even with the historic Spot Bitcoin ETF ruling, many assets did not gain from the hope that many people held going into 2024. A significant theft has just occurred involving one asset.

In particular, 213 million XRP, or more than $112.5 million, had been stolen from Ripple through hacking. The renowned crypto investigator ZachXBT provided the original report. In fact, he mentioned the date and time of the hack, the hack’s originating address, and the location of the following money laundering.

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Following the first claims, Ripple co-founder Chris Larson verified the theft. He claimed that “unauthorised access to a few of my personal XRP accounts” had occurred in a post on X. He said that law enforcement was involved, exchanges were alerted to freeze the impacted addresses, and the issue had been identified.

The news of the attack caused XRP’s value to drop significantly. After the theft was reported, XRP dropped sharply by 5%, which understandably alarmed investors. The currency is now trading at $0.50 on CoinMarketCap after falling 5%.

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