Feb 1, 2024

Ripple's XRP token is paring losses on Thursday, after falling by more than 5% following speculation that the network might have been hacked to the tune of $112.5 million.

Video transcript

It's time now to take a look at what's trending. And today we're talking about crypto crime or maybe a lack thereof. Let's just let's see how it goes on this segment. We break down what happened in some of the most talked about stories in this industry. Yesterday, we took a look at the latest report from immun V that found hacks and scams were up six times from January 2023. This comes as XRP saw some price movement on Wednesday as folks tried to figure out if ripple was hacked or not. Ok. Spoiler alert, it turns out it was not hacked. So here's what have it after speculation that the network might have been hacked to the tune of 100 and $12.5 million. Ripple. Executive Chairman Chris Larson took to X to say that his personal XRP accounts were accessed by an unauthorized entity but noted that the problem was quickly caught and all affected addresses were frozen. The incident was initially flagged by Blockchain sleuth. Zack X BT noted that hundreds of millions of XRP were siphoned out of a large wallet on the Xrp ledger Blockchain and sent to multiple exchanges. Larsen continued on X stating quote, this is an isolated incident and ripple wallets are secure slash were never compromised. We've confirmed nearly all affected funds were converted out of XRP end quote. He also noted that law enforcement is now involved as expected. Folks weighed in on X Michael Wood hopes that people learn from Zack X BT s work and also from this incident. He said, quote, I really hope but doubt that people learn through your diligent work. People really need to set up proper checks and balances on asset storage, especially of this size. And even more, if you're a founder or executive, this should really be understood at minimum as negligence and quote. While off grid 212 point out the benefit that this situation highlights. They said, quote, that's the benefit of Blockchain can eradicate a lot of fraud as fully traceable and quote. Now, what do I think if there's one thing that we should take away from the story is that we should all do our best to protect ourselves online because even the most savvy folks, even the executives in this industry can fall victim to hacks and scams and these scams are getting more and more sophisticated.

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