Ripple CEO Brad Garlinghouse vehemently refuted allegations regarding the hacking of co-founder Chris Larsen's personal XRP accounts. In response to the purported breach, Garlinghouse took to his X account, denouncing the claims as baseless and indicative of irresponsible reporting aimed at casting doubt on the security of XRP wallets. He emphatically asserted that no Ripple-managed wallets were compromised, unequivocally shutting down any speculation to the contrary.
While Garlinghouse's statement sought to reassure stakeholders, Chris Larsen had previously acknowledged unauthorized access attempts on his personal Ripple account. Larsen clarified that the breach was contained, preventing the perpetrator from accessing his assets.
However, cryptocurrency investigator ZachXBT contradicted Larsen's assurances, reporting a staggering theft of approximately $112.5 million worth of XRP tokens. This revelation sent shockwaves through the market, precipitating a decline in XRP's trading price. According to ZackXBT's findings, the stolen funds were swiftly funneled to other exchanges like Binance and Kraken.
Efforts to dispel misinformation ensued, with a community note on X emphasizing the integrity of Ripple's infrastructure while confirming the breach's limited impact on Larsen's personal holdings. Nonetheless, ZachXBT pointed out the misidentification of Larsen's compromised account in XRP block explorers, underscoring the need for accurate attribution and transparency.
Turning to XRP's market performance, analysis using the 20-EMA indicator indicated a necessity for heightened bullish momentum to breach the $0.54 price threshold. However, weakening support at $0.50 suggested vulnerability to further downward pressure, with a potential new support level at $0.46 in the event of increased bearish activity.
As of the latest update, Ripple (XRP) was trading at $0.4969, accompanied by a 24-hour trading volume of $1,126,428,006.14. With a circulating supply of 54 billion tokens, XRP boasted a market capitalization of $27,004,017,481.
In conclusion, the recent hacking incident marks a significant setback for Ripple, representing the largest cryptocurrency theft thus far in 2024. This event underscores the ongoing challenges posed by security vulnerabilities in the crypto space, serving as a cautionary tale for investors navigating this volatile landscape. While Voice of Crypto strives to provide accurate information, readers are urged to conduct thorough research and exercise prudence when engaging with cryptocurrencies, given their inherent risks and uncertainties.
