Is #ripple 's Security Breach Bigger Than We Thought?
Chris Larsen, co-founder of Ripple, recently fell victim to a cyber theft resulting in the loss of $112 million worth of XRP from his accounts. Initially perceived as a targeted attack on an individual's digital assets, the incident has taken a more concerning turn following an investigation by Hacken, a prominent #CyberSecurity firm. Their probe uncovered connections between two compromised wallets and what is referred to as "XRP's authorized wallet," suggesting broader security implications for the #cryptocurrency .
Hacken's investigation revealed a complex network of transactions spanning various exchange addresses, with Kraken identified as a key channel for money laundering.
Further analysis uncovered a wallet with historical ties to XRP, having previously interacted with the same Kraken wallet in 2020. This wallet was also linked to another account that withdrew funds into a different exchange during the theft. The discovery of two wallets connected to XRP's authorized nest suggests a systemic breach larger than initially thought.
In response to the security breach, Larsen confirmed the hacking of several of his personal XRP accounts. Immediate measures were taken to mitigate the impact, including informing exchanges like Binance to block these addresses and involving law enforcement in the investigation. The theft of approximately 213 million XRP has raised significant concerns within the cryptocurrency ecosystem.
Amid rumors of a security breach within Ripple's managed wallets, CEO Brad Garlinghouse issued a strong rebuttal. He dismissed the allegations as irresponsible, stating that no wallets managed by Ripple were compromised and highlighting the robustness of their security protocols. However, the incident has led to a shift in market confidence, resulting in fluctuating prices for XRP following the unexpected revelation.
Source - coingape.com