Ripple Hack Occurs, 213M XRP Stolen

January 31, 2024 - Around 2 mins mins to read

Key Points:

The cryptocurrency community raises concerns over a suspected Ripple hack, with 213 million XRP ($112.5 million) allegedly stolen.
Bitfinex successfully blocks an attempted hack involving a large XRP transfer, attributing it to the exploitation of data vulnerabilities.
Ripple CEO Brad Garlinghouse remains silent on the Ripple hack.

In a recent turn of events, suspicions are arising within the cryptocurrency community regarding a potential hack targeting Ripple, resulting in the loss of around 213 million XRP (equivalent to $112.5 million).

Cryptocurrency Community Alarmed by Suspected Ripple Hack

The on-chain investigator, ZachXBT, has pointed to the wallet address rJNLz3A1qPKfWCtJLPhmMZAfBkutC2Qojm as the source of the Ripple hack, which reportedly transferred the pilfered funds to eight different wallets.

The stolen XRP appears to have been dispersed through various exchanges, including MEXC, Gate, Binance, Kraken, OKX, HTX, and HitBTC, among others, according to ZachXBT. Notably, Ripple’s CEO, Brad Garlinghouse, has yet to comment on the Ripple hack.

The Ripple hack closely follows an attempted hack on Bitfinex, where a significant number of XRP tokens were transferred to the platform. The total value of these transactions reached tens of billions of dollars, or approximately half of the circulating XRP.

Paolo Ardoino, CEO of Bitfinex, later clarified that this was an attack aimed at exploiting vulnerabilities in the platform’s data system, successfully thwarted by Bitfinex on January 15.

As the cryptocurrency community remains on high alert, these recent events underscore the growing concerns around the security of digital assets and the need for heightened measures to protect against potential threats.

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