Ripple CEO Brad Garlinghouse Addresses $112M XRP Hack: Ripple’s Infrastructure Remains Secure

The post Ripple CEO Brad Garlinghouse Addresses $112M XRP Hack: Ripple’s Infrastructure Remains Secure appeared first on Coinpedia Fintech News

Ripple, the prominent blockchain payment protocol, is currently dealing with the aftermath of a substantial security breach. Rumors of a potential exploit led to the theft of over 213 million XRP tokens, valued at over $112 million. 

The incident has raised concerns about the overall security of the Ripple protocol and its implications for the broader cryptocurrency market.

Security Breach Details

Decentralized finance investigator ZachXBT first highlighted the security breach, pointing out that approximately 213 million XRP, equivalent to $112.5 million, was stolen from Ripple. The stolen funds were subsequently laundered through multiple cryptocurrency exchanges, including MEXC, Gate, Binance, Kraken, OKX, HTX, HitBTC, and others.

The news of the security breach prompted a 5% drop in the value of XRP within the first 24 hours, dropping to $0.4853. 

Clarification from Ripple Co-Founder

Ripple co-founder Chris Larsen issued a statement confirming the unauthorized access. Larsen clarified that the breach was an “isolated incident”, limited to a few of his personal XRP accounts and reassured that Ripple’s core infrastructure remained secure. Law enforcement agencies are actively involved in addressing the situation. 

The clarification from Larsen contributed to a recovery, with XRP trading at $0.5085, marking a 3.4% decrease in the past 24 hours.

Following Chris Larsen, Ripple CEO Brad Garlinghouse reiterated, “Given some irresponsible speculation and reporting, I want to reiterate that NO Ripple-managed wallets were compromised. Full stop.”

As the situation unfolds, the XRP community awaits the upcoming court ruling on the SEC’s Motion to Compel, and the outcome could influence buyer demand for XRP. Ripple’s CEO reiterates the company’s commitment to security, echoing the need for accurate reporting in a space susceptible to speculation.