XRP drops 5% amongst 112m$ hack rumor.

XRP Ripple down 5% on Hack Rumor

The Cryptocurrency World is in shock after another security breach in Ripple's XRP token 5% drop on Wednsday amid rumors of a possible $112.5 million hack. Chris Larsen, Ripple's Executive Chairman, clarified on X (formerly Twitter) that the breach affected his "personal XRP accounts" and not Ripple itself. He assured that the issue was swiftly addressed, with exchanges notified to freeze the affected addresses, and law enforcement engaged.

ZachXBT Blockchain Investigator raises alarm about hack

Blockchain investigator ZachXBT initially raised the alarm, stating on X that 213 million XRP tokens were illicitly moved from a sizable wallet on the XRP Ledger blockchain. The stolen funds were reportedly laundered through various exchanges, including Binance, Kraken, and OKX.

Ripple (XRP) Legal Battles and Regulatory Recognition

Ripple (XRP) holds the sixth position among cryptocurrencies in terms of market capitalization, as per CoinMarketCap. It serves as the native token for the XRP Ledger, a blockchain specializing in payments. Ripple Labs, the network's creator, utilizes it to drive tools like RippleNet, a cross-border payments platform catering to financial institutions. The company faced a lawsuit from the U.S. Securities and Exchange Commission in 2020, accusing it of fraud for selling XRP tokens without prior securities registration. While Larsen was directly implicated, both he and Ripple Labs achieved a significant victory in July 2023 when a judge refrained from categorizing XRP as a clear-cut security.

Latest Youtube video update on the Ripple ( XRP) hack

I am very happy to never have owned any of these poo-coins they call Ripple. I warned people about the centralized and inflationar nature of XRP since day one. I hope that people will learn from this and understand why this happened.


#xrp #ripple #hack

Hope you enjoyed this news article about RIPPLE ( XRP )

@Litecoinpete