XRP Price Crashes 5% as Ripple’s Chris Larsen Confirms Breach of Personal Wallets

Chris Larson, Ripple’s co-founder and executive chairman, has lost over $100 million worth of XRP to hackers in a security breach, according to a recent tweet by prominent crypto analyst ZachXBT.

Reporting the incident on Wednesday afternoon, ZachXBT stated that the hackers stole approximately 213 million XRP worth around $112 million from one of Ripple’s wallets.

The industry analyst also noted that the criminals have started laundering the stolen funds through major centralized crypto exchanges, including Binance and Kraken.

It appears @Ripple was hacked for ~213M XRP ($112.5M)

Source address
rJNLz3A1qPKfWCtJLPhmMZAfBkutC2Qojm

So far the stolen funds have been laundered through MEXC, Gate, Binance, Kraken, OKX, HTX, HitBTC, etc pic.twitter.com/HKGYsLQeMv

— ZachXBT (@zachxbt) January 31, 2024

Confirming the hack, Ripple’s co-founder and executive chairman Chris Larson noted that the affected wallets belonged to him and not the organization itself, as reported by ZachXBT.

Larson further revealed that his team had notified exchanges to freeze the affected addresses. The Ripple chairman has also involved law enforcement in the matter.

Yesterday, there was unauthorized access to a few of my personal XRP accounts (not @Ripple ) – we were quickly able to catch the problem and notify exchanges to freeze the affected addresses. Law enforcement is already involved. https://t.co/T3HtKSlzLg

— Chris Larsen (@chrislarsensf) January 31, 2024