Ripple's XRP Drops 5% After Executive Is Hacked, Sparking Rumors of Network Breach
Ripple Executive Chairman Chris Larsen said the stolen funds all came from his "personal XRP accounts" in response to a report from blockchain analyst ZachXBT.
Ripple's XRP token fell by more than 5% on Wednesday following speculation that the network might have been hacked to the tune of $112.5 million.
Chris Larsen, Ripple's Executive Chairman, clarified in a post on X (formerly Twitter) that there had been a breach to his "personal XRP accounts," but not to Ripple itself. "We were quickly able to catch the problem and notify exchanges to freeze the affected addresses. Law enforcement is already involved," Larsen wrote.
The incident was initially flagged by Blockchain sleuth ZachXBT, who claimed on X that 213 million XRP tokens had been siphoned out of a large wallet on the XRP Leger blockchain. The funds were subsequently laundered through multiple exchanges including Binance, Kraken and OKX.
