Blockchain payment company Ripple recently suffered a major security breach, resulting in the loss of a large amount of XRP.
The hack, discovered by decentralized finance (DeFi) sleuth ZachXBT, raised serious concerns about the security of the protocol and triggered a series of illegal transactions involving stolen XRP.
XRP Hack Attacks Ripple
according to After investigation, the hacking attack resulted in the theft of more than 213 million XRP, worth more than $112 million. The stolen funds were then laundered through cryptocurrency exchanges, including MEXC, Gate, Binance, Kraken, OKX, HTX, HitBTC and several undisclosed platforms.
As shown below, the blockchain shows that the perpetrators behind the security breach made eight transactions to different addresses.
XRP price drops further after hack
Following the security breach, the price of XRP plummeted to $0.5070 and continued to fall further, hitting a low of $0.4860 on Wednesday.
News of the hack exacerbated the coin’s downward trend, with the coin down 19% in the past 30 days and 4% in the past 24 hours.
What Ripple’s next steps will be to address the security breach remains uncertain. The company’s response to this situation and the steps it takes to strengthen its security infrastructure will be closely monitored.
Update: After the rumor spread, Ripple executives clarified the matter, stating that the compromised wallet belonged to the company’s co-founder Chris Larsen. Brad Garlinghouse also weighed in for further clarification, saying:
In light of some irresponsible speculation and reports, I would like to reiterate that no wallets managed by Ripple were compromised. period.
As seen on XRP’s 1-day chart, the next major support for the coin lies at the $0.4876 level, which prevented further losses following the news. If this level fails to hold a potential continuation of the downtrend, the next support for the coin is $0.4686.
Featured image from Shutterstock, chart from TradingView.com
