Prominent Analyst Reports Ripple Hack and Laundering of $100M+ in XRP

In a concerning development for the crypto industry, it appears that blockchain payments firm Ripple may have been hacked, according to notable industry analyst ZachXBT.

In a tweet to his nearly 500,000 followers, ZachXBT stated “It appears Ripple was hacked for ~213M XRP ($112.5M). Source address rJNLz3A1qPKfWCtJLPhmMZAfBkutC2Qojm So far the stolen funds have been laundered through MEXC, Gate, Binance, Kraken, OKX, HTX, HitBTC, etc.”

If true, this would represent one of the largest crypto hacks in 2024. The hacking and laundering of over $100 million worth of Ripple’s native XRP token through multiple major exchanges shows just how vulnerable even large, prominent projects can be to cyber threats.

This alleged incident serves as an important reminder that security must remain a top priority in the crypto space. With consolidation of cryptocurrencies and growth of exchange platforms, hacks of even bigger magnitude could be possible. Individual traders and investors must remain vigilant as well, as hacks continue to proliferate across the industry at both large and small scales.

Protecting private keys and enabling additional authentication factors can help mitigate risks, but the only way to be truly safe is not holding significant crypto assets. Overall, the threat of hacks and the challenge of reversing stolen funds underscores why security must be a constant focus for the entire cryptocurrency community going forward.

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While the details provided appear substantial, it’s important to note that Ripple has not officially confirmed or commented on this reported hack. Until an announcement is made directly from the company, the accuracy of ZachXBT’s assessment remains unverified.

There is a chance the report may also be premature or even incorrect. However, given the source and evidence trail provided, the claim cannot be outright dismissed. Major firms in the crypto space do remain targets, so continued vigilance is still advised even if this particular hack is ultimately unfounded. An official statement from Ripple will be crucial to determine the truth and next steps, if any, regarding this sizable alleged theft.

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Vignesh Karunanidhi
Vignesh Karunanidhi

Seasoned crypto writer with deep passion for blockchain and cryptocurrency