Ripple Lost $112 Million Worth of XRP due to a Hack

By Ruby Currency

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Ripple Lost $112 Million Worth of XRP due to a Hack

Ripple Hacked- There’s troubling news for the cryptocurrency community: Ripple has been hacked in a big way.

According to ZachXBT, a crypto detective who hides their identity, Ripple was hacked and lost about 212 million XRP, which equals $112.4 million. ZachXBT has uncovered many scams and bad actors in the digital currency world.

The news on January 31, 2024, shocked the industry and made people worry about how safe cryptocurrency companies are.

The place where the hack started is a source address called rJNLz3A1qPKfWCtJLPhmMZAfBkutC2Qojm. After that, the stolen money was carefully moved through cryptocurrency exchanges like MEXC, Gate, Binance, Kraken, OKX, HTX, HitBTC, and others.

The source address linked to the hack

These are wallet addresses where theft has occurred:

  • rGhR13XyM43WdDaSMznHd5rZ4cJatybvEg
  • rHQVKntyfkDCPhEBL2ctryuEAkDZgckmmV
  • rLsUemhuBZtF44rqqzneb2F9JgyrRYYd4t
  • rKPERax7t9iFvT3RHXn5nifyNpzp9a4hBa
  • rpjs4HLX1gJoEenH69PsQmXaXY22QhCYAT
  • rLRhugR4ysNa2xkt4E6fKN8krs9jatCp6w
  • rnCyeUNvfDbtTagGEPjBfTCBz6EqJjf2Uj
  • rHVjfYzTaB8MzSoQGqpzH9barZr85QsZW7

Ripple Safety Violation

Chris Larsen, who helped start Ripple, has written a statement explaining how much damage was done and their actions to fix it.

The hack news is essential now because Ripple plans to release 1 billion XRP from its account tomorrow.

Ripple regularly releases funds, which has made people wonder how it affects the value of XRP. Releasing a lot of XRP at once worries some because it might cause the price to drop if many people sell it. Right now, things are even more uncertain.

People who watch the market are interested to see how the recent security breach will affect how confident investors feel and if it will make the market’s reaction to the escrow release even worse.

Ruby Currency

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