Ripple Co-founder Chris Larsen Personal XRP Accounts Hacked, Resulting in $112.5 Million Theft

Chris Larsen, the co-founder and executive chairman of Ripple, has fallen victim to a substantial cryptocurrency hack. Initially reported by crypto investigator ZachXBT, the breach was thought to involve the company itself, but Larsen clarified that it was his personal accounts that were compromised.

The hack, amounting to a staggering 213 million XRP, worth over $112.5 million, raises concerns as one of the most significant cryptocurrency-related incidents of 2024 thus far. The breach prompted a rapid response from law enforcement, with exchanges being notified to freeze the affected addresses.

Yesterday, there was unauthorized access to a few of my personal XRP accounts (not @Ripple) – we were quickly able to catch the problem and notify exchanges to freeze the affected addresses. Law enforcement is already involved. https://t.co/T3HtKSlzLg

— Chris Larsen (@chrislarsensf) January 31, 2024

According to Chris Larsen, the unauthorized access was swiftly identified, and measures were taken to mitigate the impact. The hacker(s) attempted to launder the stolen XRP through at least six different exchanges, prompting law enforcement to freeze related accounts. However, it remains uncertain whether the funds are still in the custody of the exchanges.

Related: XRP Experiences Price Volatility Amidst False BlackRock ETF Filing Rumors

The news of the hack spread rapidly, causing a momentary dip in the price of XRP by approximately $0.01. However, the token quickly rebounded, maintaining relative stability an hour after the initial report. The aftermath of the incident saw a 1.85% decline in the value of Ripple’s XRP token.

The mass theft from Larsen’s personal accounts was facilitated through one wallet, as revealed by ZachXBT. The investigator disclosed the source address of the hack and traced the laundered funds to multiple cryptocurrency exchanges.

Theft addresses
rGhR13XyM43WdDaSMznHd5rZ4cJatybvEg
rHQVKntyfkDCPhEBL2ctryuEAkDZgckmmV
rLsUemhuBZtF44rqqzneb2F9JgyrRYYd4t
rKPERax7t9iFvT3RHXn5nifyNpzp9a4hBa
rpjs4HLX1gJoEenH69PsQmXaXY22QhCYAT
rLRhugR4ysNa2xkt4E6fKN8krs9jatCp6w
rnCyeUNvfDbtTagGEPjBfTCBz6EqJjf2Uj…

— ZachXBT (@zachxbt) January 31, 2024

While the hack primarily impacted Larsen’s personal holdings and not Ripple as a company, the broader crypto market experienced a ripple effect, leading to understandable panic among investors.

Currently, XRP is trading at $0.49984 on CoinMarketCap, reflecting the impact of the 1.85% drop following the reports of the hack.

This incident adds to the growing challenges faced by the digital asset sector in 2024 amid the bull run expected to be ushered in by the Spot Bitcoin ETF cash inflow, Bitcoin halving coming up in April, and the Ethereum Spot ETF amongst other notable activities.

As Ripple and its co-founder work to address the aftermath of the hack, the broader cryptocurrency community is left to ponder the security vulnerabilities that persist in the evolving landscape of digital assets.

Related: Spot Ethereum ETF Approval Expected May 23rd, Report