A major crypto payment firm, Ripple, saw its XRP token undergo a 5% decline on Wednesday due to apprehensions regarding a potential $112.5 million hack.
Chris Larsen, Ripple’s Executive Chairman, reassured users on X (formerly Twitter) that the breach only affected his “personal XRP accounts” and not Ripple itself. Larsen stated that the issue was swiftly identified, leading to notifications sent to exchanges to freeze the impacted addresses.
The incident was first reported by Blockchain analyst ZachXBT, who disclosed that 213 million XRP tokens were moved from a significant wallet on the XRP Ledger blockchain.
This development led to a 5% decline in XRP’s value over 24 hours, dropping from 0.5081 to 0.4955, and it is currently trading at 0.5048. Coinmarketcap reports a corresponding 5% decrease in market capitalization to $27,437,885,373.
Also Read: Bitcoin Maximalist Max Predicts XRP Price Crash to $0.01
The situation emphasizes the continual necessity for enhanced security in the crypto space, underlining the importance of safeguarding private keys and implementing additional authentication measures to mitigate risks.
