Connect with us

Hi, what are you looking for?

Economy

XRP Price Prediction as On-Chain Data Suggests Ripple is Hacked for $100 Million – Is XRP Going to Crash?

The XRP (XRP) price has rebounded back above $0.51 following downside earlier in the day on concerning reports that a key Ripple Labs executive had been hacked for XRP tokens worth over $100 million.

Concerns about the security of XRP creator Ripple Labs XRP holdings, combined with concerns that hackers could dump their ill-gotten token on the market pressured the XRP price to as low as the $0.4850s, down nearly 5% on the day at the time.

But at current levels, the XRP price is back to trading flat on the day as more details emerge.

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 pic.twitter.com/HKGYsLQeMv

— ZachXBT (@zachxbt) January 31, 2024

The news was first reported by crypto analyst @ZachXBT.

He noted via a tweet on X that 213 million XRP tokens had been sent to various exchanges.

Ripple’s co-founder and executive Chris Larsen responded to the tweet by confirming that his personal accounts had been compromised.

However, he noted that exchanges had already been notified to freeze affected addresses and law enforcement are already involved.

That appears to have eased some concerns about a sudden dump of stolen XRP tokens onto the market.

The post XRP Price Prediction as On-Chain Data Suggests Ripple is Hacked for $100 Million – Is XRP Going to Crash? appeared first on Cryptonews.

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest

Economy

The Financial Stability Board (FSB) will deliver reports on asset tokenization and AI later in 2024, according to Chair Klaas Knot. FSB Chair @KlaasKnot...

Economy

The stablecoin market capitalization has soared 1.95% to hit $138 billion in February recording a fifth consecutive monthly growth since September 2023. A new...

Economy

Suzhou, China, has reported that more than 29.16 million residents now have digital yuan wallets, as the nation’s CBDC project continues to gather pace....

News

A House Republican who has been critical of rushing to impeach President Biden is calling for his removal over questions about his mental fitness...

News

A House Republican who has been critical of rushing to impeach President Biden is calling for his removal over questions about his mental fitness...

News

President Biden is calling all four congressional leaders to the White House on Tuesday as the federal government stares down the barrel of a...

You May Also Like

Financial Advisors

[#item_full_content]

Financial Advisors

[#item_full_content]

Financial Advisors

The humongous outbreak of the dreaded coronavirus has brought about a groundbreaking change in what the world perceived as ‘normal’. With an estimated 280,391,189...

Disclaimer: Respect Investment.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2024 Respect Investment. All Rights Reserved.