Ripple co-founder says hackers stole $112.5M in XRP

CoinDesk reported Wednesday that hackers accessed several personal XRP wallets belonging to Ripple co-founder Chris Larsen and stole 213 million tokens worth an estimated $112.5 million.

Larsen confirmed the breach on social media platform X, stating that law enforcement was notified and exchanges moved quickly to freeze the affected addresses. Ripple has not yet publicly commented on the unauthorised access to its co-founder’s accounts.

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The reported theft contributed to a minor drop in XRP’s price Wednesday to $0.50 per token. For the year, XRP is down just under 20% in value amid Ripple’s ongoing legal battle concerning XRP’s status as a security.

The incident highlights potential security risks, even for seasoned players in the cryptocurrency space. Investigations into the hack are underway by authorities.