In a recent development, it has come to light that Chris Larsen, cofounder of Ripple, has fallen victim to a hacking incident resulting in the unauthorized transfer of 237.68 million XRP, with an estimated value of $117.4 million. The incident, disclosed yesterday, has raised concerns within the community and underscores the ongoing security challenges faced by digital asset holders.
According to information from Lookonchain, a significant portion of the pilfered XRP, approximately 212.68 million, equivalent to $105 million, has been traced to multiple cryptocurrency exchanges, including WhiteBit, Gate, Kraken, Binance, MEXC and OKX.
However, a distinct sum of 25 million XRP, valued at $12.35 million, remains in a recently activated XRP wallet — initiated through a transfer from Larsen's compromised wallet — without reaching any exchange.
The transparency inherent in blockchain technology enables stakeholders to monitor the movement of funds within this specific wallet, intensifying speculation about the hacker's potential strategies. Chris Larsen has confirmed the involvement of law enforcement agencies in the ongoing investigation, with affected exchanges duly informed of the breach.
Keep your XRP keys tight
Amid the fallout from the hack, Nik Bougalis, former engineering director at Ripple, has provided guidance on securing XRP holdings. Bougalis recommends leveraging native multi-signature support, allowing users to implement accounts requiring multiple signatures for transactions. While not infallible, Bougalis asserts that this method enhances security in mitigating potential risks.
As the community awaits further updates on the investigation, attention is focused on the actions of the hacker and the disposition of the outstanding 25 million XRP.
Mushumir Butt
Tomiwabold Olajide
