Ripple’s XRP Falls Amid Reports It Was Possibly Hacked

Ripple’s XRP coin plunged more than 5% on speculation that the network had been hacked and drained of $112.5 million in tokens.

Ripple’s XRP coin fell more than 5% on Wednesday on speculation that the network had been hacked and drained of tokens worth $112.5 million.

Blockchain expert ZachXBT stated on social media site X, formerly Twitter, that 213 million XRP tokens were stolen from a single wallet and laundered through numerous exchanges, including Binance, Kraken, and OKX.

Chris Larsen, Ripple’s co-founder, clarified that the unlawful access came from his personal accounts and that law enforcement had already been contacted.

“There was unauthorized access to a couple of my personal XRP accounts (not @Ripple) yesterday; we were able to swiftly identify the issue and notify exchanges to freeze the impacted addresses. “Law enforcement is already involved,” Larsen wrote on X.

Ripple’s XRP cryptocurrency has dropped 19% in value this year and is now down 1.9% at $0.50.

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