Ripple Exchange Faces Cyber Nightmare: $112 Million Stolen in Historic Hack

• Crypto hackers target Ripple’s co-founder, Chris Larsen, making off with a staggering $112 million in XRP.
• The XRP ledger underpins its network, with the XRP token boasting a market capitalization of $27.4 billion.
• As the crypto world grappled with the ramifications of this breach, Binance, a key player in the industry, stepped up to assist in recovering the stolen fund.

The astronomical shift from fiat currency to digital money is unprecedented. Today, multiple organizations, startups and governments have steadily embraced digital assets like cryptocurrency, stablecoin and CBDCs. For instance, Visa Card and Mastercard have significantly extended access to virtual currency globally.

Furthermore, the adoption of Africa’s digital assets has improved dramatically as several regions like South Africa and Nigeria continue shifting towards a crypto-friendly ecosystem. This steady move has played an essential role in instigating the long-awaited 2024 crypto bull run.

Unfortunately, it has also attracted unwanted attention. In recent news, Ripple Exchange suffered as hackers infiltrated a decentralized network, accessing at least $112 million in XRP tokens. This recent news has sent ripples across the ecosystem, but fortunately, the organization still holds firm hope for a potential Rippple-focused crypto market.

With everyone on edge, this recent turn of events might be the catalyst the ecosystem requires to kick its security measures into high gear. 

Ripple Exchange suffers after hacker gets away with $112 million

In a shocking turn of events, cryptocurrency enthusiasts were left reeling as hackers targeted Ripple’s co-founder, Chris Larsen, making off with a staggering $112 million in XRP. This audacious breach of security, unfolding on Tuesday, sent shockwaves through the crypto community, prompting immediate action from both Ripple and external entities.

Larsen quickly took to X (previously Twitter), revealing the unauthorized access to his personal XRP accounts, distinct from Ripple’s holdings. Swiftly responding to the breach, Larsen’s team identified the compromise and coordinated with exchanges to freeze the affected addresses. Larsen’s team engaged law enforcement, marking a concerted effort to bring the perpetrators to justice.

This high-profile incident garnered widespread attention when renowned crypto security researcher ZachXBT broke the news. As the story unfolded, it became apparent that the stolen XRP funds had traversed various crypto exchanges and platforms, including Binance and Kraken. Both exchanges confirmed their awareness of the incident and pledged active support for the ongoing investigation.

Also, Read Ripple Partner SBI Holdings Sets Sail in NFT Space with XRPL Launch.

The details surrounding the hacked wallet, labelled “Ripple (50),” add complexity to the situation as its ownership and control remain ambiguous, potentially linked to Ripple or another entity. According to spokesperson Stacey Ngo, Ripple clarified that the breach did not impact the company.

Ripple exchange faces hurdles as a crypto hacker siphones the CEO’s crypto wallet, causing a distinct downward trend for its xrp token.[Photo/Medium]

Ripple, a stalwart in the cryptocurrency space since 2012, operates as a payments and enterprise infrastructure provider. Its decentralized public ledger, the XRP ledger, underpins its network, with the XRP token boasting a market capitalization of $27.4 billion. Following news of the hack, XRP experienced a 4% dip, according to CoinMarketCap data.

Some XRP holders call for increased transparency amid the fallout, urging co-founders to disclose their crypto wallets and XRP holdings. Notably, Thinking Crypto podcast host Tony Edward advocates for Chris Larsen to distance himself from Ripple, emphasizing the need for transparency.

This cyber attack is the most significant cryptocurrency theft of 2024. According to data compiled by Rekt, a platform tracking web3 and crypto breaches, it ranks as the twentieth largest in recorded history. This incident underscores the crypto community’s ongoing challenges in fortifying security measures against increasingly sophisticated hackers.

As the crypto world grappled with the ramifications of this breach, Binance, a key player in the industry, stepped up to assist in recovering the stolen funds. CEO Richard Teng announced via X.com that Binance successfully froze $4.2 million worth of XRP tokens, demonstrating a commitment to aiding Ripple in its recovery efforts. Teng expressed gratitude to on-chain investigator ZachXBT for alerting the community to the hack, highlighting the collaborative nature of the crypto space.

The magnitude of this hack prompted Binance to reiterate its commitment to supporting hacked firms, citing previous instances like the Ronin network hack and the HTX Harmony Bridge attack. This incident is a testament to the collective strength of crypto platforms, the community, and law enforcement in bolstering security against malicious actors.

Also, Read Ripple Empowers Onafriq Fintech: Unleashing Cross-Border Payment Capabilities Across Africa.

After the attack, it became clear that the stolen funds came from Chris Larsen’s wallet, not Ripple’s corporate holdings. The unauthorized access to Larsen’s XRP accounts triggered a swift response, with law enforcement engaged and affected exchanges promptly notified to freeze assets.

The recovery efforts led by Binance exemplify the industry’s resilience, showcasing how collaborative efforts between crypto platforms, the community, and law enforcement can mitigate the impact of such breaches. As the crypto community awaits further developments in the Ripple hack, the recovery of additional funds remains a focal point, illustrating the ongoing battle to safeguard the integrity of digital assets.

The Ripple hack of 2024 serves as a stark reminder of the persistent threats to cryptocurrency security. Despite the challenges, the collaborative response from industry leaders, exchanges, and the wider community reaffirms the commitment to fortifying the crypto ecosystem against malicious actors.

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• Source: https://web3africa.news/2024/02/07/news/ripple-exchange-hack-binance/