Ripple Co-Founder Hacked For $112.5M, XRP Drops 5%: 'Share With Us How The Hack Happened,' Observers Ask
Portfolio Pulse from Murtuza Merchant
Ripple's token XRP fell over 5% following rumors of a network hack involving $112.5 million. Ripple's co-founder Chris Larsen clarified that his personal XRP accounts were hacked, not the Ripple network. Exchanges have frozen the affected addresses, and law enforcement is involved. The breach was publicized by blockchain investigator ZachXBT, and the community has reacted with a mix of concern and humor. The incident led to the liquidation of $3.8 million in long positions.
January 31, 2024 | 5:44 pm
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NEGATIVE IMPACT
Ripple's XRP token experienced a 5% price drop due to rumors of a network hack, which turned out to be a breach of co-founder Chris Larsen's personal accounts. The situation has been contained with exchanges freezing the affected addresses.
The price drop of XRP is directly related to the hack of co-founder Chris Larsen's personal accounts. The negative sentiment and uncertainty surrounding the security breach likely contributed to the decline in XRP's price. The involvement of law enforcement and the freezing of affected addresses by exchanges may mitigate further immediate losses, but investor confidence could be shaken in the short term.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100