đ„How a $112 Million XRP Hack Shook the Crypto World đ„
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.
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 Larsenâs 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.
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