Ripple Co-Founder’s Personal XRP Accounts Hacked, $112.5 Million Lost

• Chris Larsen’s personal XRP accounts were accessed without authorization, resulting in the loss of over 200 million XRP worth $1.25 million.
• Ripple leadership asserted this was an isolated incident impacting Larsen’s personal accounts only, not Ripple-managed wallets.
• The news caused XRP’s price to decline 4.1%, highlighting the market impact of perceived security issues with major crypto figures’ accounts.

Reports have emerged that Ripple co-founder Chris Larsen‘s personal XRP accounts were accessed without authorization. This has raised concerns and sparked speculation within the crypto community.

Details of the Unauthorized Access

• On January 30th, crypto sleuth ZachXBT noticed 8 suspicious outgoing transactions from Larsen’s accounts.
• The transactions totaled around 213 million XRP, worth $1.25 million at the time.
• The funds were sent to various crypto exchanges including MEXC, Gate, Binance, Kraken, OKX, HTX, and HitBTC.
• Larsen confirmed the unauthorized access, stating it only impacted a few of his personal accounts, not Ripple itself.
• He said law enforcement was involved and they were able to freeze a significant portion of the funds.

Reaction from Ripple Leadership

• Ripple CEO Brad Garlinghouse asserted that no Ripple-managed wallets were compromised.
• He reiterated that this was an isolated incident impacting Larsen’s personal accounts only.
• Both Larsen and Garlinghouse stated that Ripple wallets remain secure.

Impact on XRP Price

• The news of the exploit caused XRP’s price to decline around 4.1% to $0.50 on January 30th.
• This shows the potential market impact of perceived security issues with major crypto figures’ accounts.

Conclusion

While this exploit raises concerns, Ripple states that its systems remain secure overall. It appears to be an isolated incident impacting Larsen’s personal accounts only. Ripple is assisting law enforcement to recover the stolen funds. The situation highlights the need for maximum vigilance over crypto account security, even for industry veterans like Larsen.