• Ripple’s co-founder and executive chairman, Chris Larson, suffered a staggering loss of over $100 million in XRP after hackers breached his personal wallets.
• The unprecedented crypto heist involved the theft of approximately 213 million XRP, leading to concerns about wallet security and calls for increased transparency within the XRP community.

In a shocking turn of events, Ripple’s co-founder and executive chairman, Chris Larson, has fallen victim to a massive security breach, losing over $100 million worth of XRP to hackers. The incident, first reported by prominent crypto analyst ZachXBT, sent shockwaves through the crypto community.

ZachXBT disclosed on Wednesday that the hackers managed to pilfer approximately 213 million XRP, valued at around $112 million, from one of Larson’s personal wallets. What makes this breach particularly alarming is the revelation that the criminals have begun laundering the stolen funds through major centralized crypto exchanges, including Binance and Kraken.

Confirmation of the hack came directly from Larson, who clarified that the affected wallets were his own and not those of the Ripple organization. Taking swift action, Larson and his team notified exchanges to freeze the addresses compromised in the attack, and law enforcement has been brought into the investigation.

The aftermath of the breach has left the XRP community in a state of unease, with some calling for increased transparency from co-founders regarding their crypto holdings. The unprecedented heist has also prompted concerns about the security of personal wallets associated with influential figures in the crypto space.

Laundering Through Prominent Exchanges Raises Concerns

The stolen XRP funds have already been laundered through notable crypto exchanges, including Binance and Kraken, according to ZachXBT. Both exchanges have acknowledged the incident and are actively cooperating with the investigation. However, the details surrounding the ownership of the hacked wallet remain murky, with conflicting reports on whether it is affiliated with Ripple.

TechCrunch’s investigation into the on-chain data from XRPScan reveals that the hacked wallet, named “Ripple (50),” was activated by a separate wallet called “~FundingWallet1.” This funding wallet was activated by Larson’s account in 2013. Ripple’s spokesperson clarified that the company itself was not impacted by the breach.

A Watershed Moment in Crypto Theft

The magnitude of this hack makes it the largest cryptocurrency theft of 2024 and ranks as the twentieth largest in recorded history, based on data from Rekt, a platform that tracks crypto breaches. Ripple, established in 2012, aims to provide payment and enterprise infrastructure through its network, protocol, and decentralized public ledger known as XRP Ledger.

As the crypto community grapples with the aftermath of this unprecedented security breach, calls for increased transparency and security measures reverberate. The heist serves as a stark reminder of the challenges and risks associated with the evolving landscape of digital assets.