Following an investigation into the hack of Ripple co-founder Chris Larsenâs personal wallets, Hacken has discovered links to XRPâs authorized wallets.
Hacken Investigation Traces Chris Larsenâs Stolen XRP Back to Official Wallets
Blockchain security firm Hacken has disclosed connections between the recent $112.5 million hack of Ripple co-founder and chairman Chris Larsenâs personal wallets and XRPâs authorized wallet. The disclosure came through a detailed investigation following the incident, which Hacken posted on X.
đ¨Â @Ripple Case: Insights That Went UnnoticedDriven by peculiar intricacies surrounding a recent XRP event, our team embarked on an in-depth inquiryThe key outcome of our investigation: two wallets, that took a central stage in the incident, are connected to XRPâs authorizedâŚÂ https://t.co/CQDU9ggkTFâ HackenđşđŚ (@hackenclub) February 7, 2024
The hack, which took place on Jan. 31, resulted in Larsen losing 213 million XRP, valued at $112.5 million. Following the hack, Binance CEO Richard Teng announced that his exchange had frozen $4.2 million worth of XRP stolen in the attack.
Hackenâs post on social media platform X revealed that two wallets, central to the hack, were linked to XRPâs authorized wallet. The investigation, driven by the peculiar intricacies of the event, initially focused on a wallet with an address beginning with ârJNLz3A1â, identified as the compromised XRP wallet.
Through an analysis of both incoming and outgoing transactions, Hackenâs research pointed to the transfer of a large portion of the stolen funds to various exchange addresses, including one from Kraken, allegedly used to funnel out the funds. The analysis of wallet transactions pre-dating the incident revealed longstanding ties with XRP, suggesting an intricate network of transactions with some leading back to XRP itself.
Hackenâs findings revealed a wallet address beginning with ârU1bPM4â that had significant transactions with Larsen in the past, as well as connections to the wallets used in the hack. This account, with longstanding ties to XRP and predating the incident, sent $64.6 million in XRP to Larsen and was involved in transactions with the Kraken deposit address allegedly used to funnel funds from the attack.
While Hacken has stopped short of concluding the attack was an inside job, the connections between the wallets involved and XRPâs authorized wallet have raised eyebrows.
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