Cybercriminals Steal $112 Million Worth of Ripple’s XRP Cryptocurrency

On Tuesday, approximately $112 million worth of the XRP cryptocurrency, which is centered around Ripple, was pilfered by hackers from a crypto wallet, as revealed by Ripple’s co-founder and executive chairman, Chris Larsen.

Larsen disclosed on Wednesday that the stolen cryptocurrency belonged to him. In a post on X (formerly Twitter), Larsen mentioned that unauthorized access occurred in some of his personal XRP accounts, distinct from Ripple. He assured that the problem was swiftly identified, and exchanges were notified to freeze the affected addresses. Law enforcement has also been engaged in the matter.

The announcement came less than an hour after crypto security researcher ZachXBT reported the hack on X. According to ZachXBT, the pilfered XRP funds had already been laundered through various crypto exchanges like Binance and Kraken. Binance acknowledged the incident, stating that they are actively supporting the investigation, and Kraken emphasized their proactive review to prevent their platform from being misused.

However, there is ambiguity regarding the ownership of the hacked wallet, whether it is linked to Ripple or not. XRPScan’s on-chain data revealed that the compromised wallet was labeled “Ripple (50)” and was activated by another wallet called “~FundingWallet1” on November 5, 2018. Larsen’s account activated ~FundingWallet1 on February 6, 2

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