On-chain investigator ZachXBT uncovered 213 million XRP stolen from Chris Larsen’s personal wallets and funneled through major exchanges.
Ripple Co-Founder’s Wallet Hacked
Ripple’s Executive Chairman and Co-Founder Chris Larsen confirmed that his personal wallets were hacked, leading to the theft of approximately 213 million XRP—valued at around $112.5 million. The breach was first reported by prominent on-chain investigator ZachXBT, who flagged suspicious transactions originating from a wallet reportedly activated by Larsen.
Funds Moved Through Major Crypto Exchanges
According to ZachXBT’s analysis, the stolen XRP was quickly distributed across multiple cryptocurrency exchanges, including Binance, Kraken, OKX, HTX, Gate.io, HitBTC, and MEXC. The movement of funds through these platforms suggests an attempt to obscure the trail and cash out the stolen assets.
ZachXBT identified eight specific wallet addresses involved in the theft, which were used to funnel the stolen funds across exchanges. Before ZachXBT’s report, neither Ripple Labs nor Larsen had made any public statements about the incident.
Chris Larsen’s Response
Following ZachXBT’s disclosure, Larsen took to X (formerly Twitter) to confirm the attack. He clarified that the breach impacted his personal Ripple accounts rather than Ripple Labs’ corporate assets. Larsen reassured the public that his team swiftly detected the unauthorized transfers and notified exchanges to freeze the affected addresses before further damage could be done.
This is an isolated incident, and Ripple wallets are secure / were never compromised. We’ve confirmed nearly all the affected funds were converted out of XRP. We’re working with law enforcement and have been advised that a significant portion of funds have been frozen, and are…
In a follow-up post, Larsen emphasized that the incident was an “isolated attack” and did not compromise Ripple’s infrastructure. He also revealed that a large portion of the stolen XRP had already been frozen, preventing further liquidation of funds. The recovery process is ongoing, with law enforcement agencies now involved in tracking down the attackers.
XRP’s Market Resilience Amid the Hack
Despite the high-profile breach, XRP’s market performance remained strong. Over the past two weeks, XRP has been trading above $3.00, maintaining a 15-day streak above this key price level. As of the latest data from CoinGecko, XRP is priced at $3.09, just 9% below its all-time high of $3.40, which was recorded on January 7, 2018.
The Growing Threat of Crypto Hacks
The attack on Larsen’s wallets highlights the persistent security risks in the crypto space, particularly for high-profile figures and institutions. With growing adoption and increasing regulatory scrutiny, the industry continues to battle sophisticated hacking attempts aimed at draining large sums from both individual and institutional wallets.
Security experts stress the importance of multi-signature wallets, cold storage solutions, and real-time transaction monitoring to prevent such breaches. While exchanges and blockchain analytics firms are enhancing their fraud detection mechanisms, hackers continue to exploit vulnerabilities in personal and exchange-held wallets.
Ongoing Investigation and Recovery Efforts
With law enforcement now involved, Ripple and security analysts are working to track the remaining stolen funds and identify those responsible. If exchanges manage to freeze a significant portion of the XRP before conversion, Ripple could potentially recover more of the stolen assets.
For now, the incident serves as a reminder of the risks associated with digital asset storage and the importance of securing personal and institutional crypto holdings against sophisticated cyber threats.
Disclaimer:
The information provided on 13Desk is for informational purposes only and should not be considered financial advice. We strongly recommend conducting your own research and consulting with a qualified financial advisor before making any investment decisions. Investing in cryptocurrencies carries risks, and you should only invest what you can afford to lose. 13Desk is not responsible for any financial losses incurred from your investment activities.
