A report by ZachXBT stated that XRP wallets were subject to a security breach, and it was emphasized that approximately $112.5 million worth of XRP was stolen.

This development spread rapidly among the XRP community, fueling concern. While the rumor negatively affected the XRP price, the cryptocurrency continued its downward trend towards $0.48. After the rumor spread rapidly, the response from Ripple management was not delayed.

Ripple CEO Brad Garlinghouse, in his statement on

While Ripple co-founder Chris Larsen said that the security breach was limited to his personal XRP wallets, he made a repeating statement that the wallets managed by the company were safe. As a result, a hack attack on XRP wallets has been partially confirmed. However, in the ZachXBT report released to the market, showing the cyber-attacked XRP accounts as belonging to Ripple was an erroneous reporting that fueled the concern.

On the other hand, the fact that the stolen assets were transferred 8 times within a 12-hour period caused criticism that there was a delay in detecting the attack. On the other hand, it was determined that the stolen XRPs were quickly converted into other cryptocurrencies and attempted to be laundered.

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