Home » Ripple Allegedly Hacked: $112.5M XRP Laundered, Analyst Reports

Ripple Allegedly Hacked: $112.5M XRP Laundered, Analyst Reports

Crypto Analyst ZachXBT Reports Security Breach on Prominent Blockchain Payments Firm.

by Alexander
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Concerns arise within the cryptocurrency community as prominent industry analyst ZachXBT suggests that blockchain payments firm Ripple may have fallen victim to a significant hack, potentially resulting in the laundering of $112.5 million worth of its native XRP token.

Alleged Hack and Laundering

In a tweet addressing his nearly 500,000 followers, ZachXBT reported that approximately 213 million XRP, equivalent to $112.5 million, may have been stolen from Ripple. The source address provided points to the alleged breach, with the stolen funds purportedly laundered through various major exchanges including MEXC, Gate, Binance, Kraken, OKX, HTX, and HitBTC.

Implications and Industry Vulnerability

If confirmed, this incident would rank among the largest crypto hacks of 2024, underscoring the susceptibility of even prominent projects to cyber threats. The laundering of such a substantial amount through multiple reputable exchanges highlights the challenges faced by the crypto industry in maintaining robust security measures.

This incident serves as a stark reminder that security must remain a top priority in the cryptocurrency space. As the industry consolidates and exchange platforms grow, the potential for hacks of even greater magnitude increases. Individual traders and investors are urged to stay vigilant, as cyber threats persist across the industry, affecting both large and small scales.

Ripple Yet to Confirm the Incident

Despite the substantial details provided by ZachXBT, it’s crucial to note that Ripple has not officially confirmed or commented on this reported hack. Until an official announcement is made by the company, the accuracy of ZachXBT’s assessment remains unverified, adding an element of uncertainty to the situation. The cryptocurrency community is eagerly awaiting further updates on this potentially significant security breach.

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