Shocking Revelation in Ripple Hack: Insider’s Role in Major XRP Token Theft

The post Shocking Revelation in Ripple Hack: Insider’s Role in Major XRP Token Theft appeared first on Coinpedia Fintech News

A recent security breach involving the theft of 213 million XRP from Ripple co-founder Chris Larsen’s wallets on January 31st sparked a frenzy within the cryptocurrency community. 

Hacken, a cybersecurity firm, has uncovered alarming details about the incident, shedding light on potential insider involvement and raising questions about Ripple’s internal security protocols. 

Hacken’s Investigation Reveals Secrets 

Hacken’s investigation has revealed a complex laundering scheme involving multiple wallets, with a notable portion of stolen funds channelled through a single wallet labeled “rHyqB.” 

Connections between “rHyqB” and another wallet, “rU1bPM4” were revealed with prior transactions with Larsen and Ripple, including a substantial $64.6 million transfer. 

Hacken’s expert, Dmytro Yasmanovych’s analysis, has raised suspicion about potential insider involvement. The community is seemingly concerned about internal security safeguards at Ripple.

As you can see from this, the compromised wallet marked in red shows the previous connection of transactions between the two wallets “rHyqB” and “rU1bPM4” with Laren and Ripple. 

Ripple’s Response 

Following the security breach, Larsen promptly took measures to mitigate the impact, including informing exchanges like Binance to lock out the compromised addresses and involving law enforcement in the investigation. 

While Ripple CEO Brad Garlinghouse dismissed rumors of a security leak within managed Ripple wallets, the incident has shaken market confidence, leading to fluctuations in XRP’s price.

Bullish XRP Predictions Amid Uncertainty

Amidst the security breach and ongoing legal proceedings with the SEC, renowned crypto analyst Ben Armstrong has offered optimistic predictions for XRP’s future. 

Armstrong emphasized the importance of XRP adoption in America, highlighting the potential benefits for investors and financial institutions. Despite acknowledging XRP’s historical volatility, Armstrong predicted a milestone price of $1 for XRP by February 29th, with further gains anticipated thereafter.

Ripple is all over the news. From the security breach of co-founder Larsen, SEC’s motion to compel given the Court’s nod, and bullish predictions of XRP, Ripple seems to be tangled up in all sorts of complexities and uncertainties.