{"id":71021,"date":"2024-02-08T19:49:45","date_gmt":"2024-02-08T23:49:45","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=71021"},"modified":"2024-02-08T19:49:48","modified_gmt":"2024-02-08T23:49:48","slug":"ripple-co-founders-hack-raises-security-concerns","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/ripple-co-founders-hack-raises-security-concerns\/","title":{"rendered":"Ripple Co-founder’s Hack Raises Security Concerns"},"content":{"rendered":"\n

The discovery of links to XRP's authorized wallet in hacked Ripple co-founders' accounts raises broader security concerns.<\/a><\/p>\n\n\n\n

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Ripple Co-founder's Hack Raises Security Concerns<\/figcaption><\/figure>\n\n\n\n

The accounts of Ripple co-founder Chris Larsen were compromised in a cyber theft that resulted in the loss of XRP valued at $112 million. An investigation by the industry leader in cybersecurity, Hacken, has altered the initial perception of this incident as a targeted assault on an individual's digital assets. <\/p>\n\n\n\n

The investigation revealed correlations between two compromised wallets and “XRP's authorized wallet,” which may have further substantial ramifications for the cryptocurrency's security.<\/p>\n\n\n\n

A comprehensive examination of the larceny by Hacken\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> unveiled a complex network of transactions spanning multiple exchange addresses. The Kraken exchange, in particular, was perceived as a conduit for laundering funds.<\/p>\n\n\n\n

\ud83d\udea8 @Ripple<\/use><\/svg><\/span><\/a> Case: Insights That Went Unnoticed

Driven by peculiar intricacies surrounding a recent XRP event, our team embarked on an in-depth inquiry

The key outcome of our investigation: two wallets, that took a central stage in the incident, are connected to XRP\u2019s authorized\u2026 https:\/\/t.co\/CQDU9ggkTF<\/use><\/svg><\/span><\/a><\/p>— Hacken\ud83c\uddfa\ud83c\udde6 (@hackenclub) February 7, 2024<\/use><\/svg><\/span><\/a><\/blockquote> \n\n\n\n

A more meticulous analysis unveiled a wallet tainted with historical connections to XRP, as it had engaged in transactions with the identical Kraken wallet in 2020. <\/p>\n\n\n\n

Additionally, funds were withdrawn from a different CEX account through a connection in this wallet that was also compromised during the theft. The discovery of two wallets associated with the authorized accumulation of XRP during this operation suggests a more extensive systemic breach than initially anticipated.<\/p>\n\n\n\n

Ripple's Response And Market Impact<\/h2>\n\n\n\n

Larsen confirmed after the security lapse that several of his personal XRP accounts had been compromised. To mitigate the effects, expeditious actions were undertaken, including notifying exchanges such as Binance<\/use><\/svg><\/span><\/a> to restrict access to the compromised addresses and engaging law enforcement in the inquiry. The armed theft of approximately 213 million XRP has caused the cryptocurrency ecosystem to experience extreme anxiety.<\/p>\n\n\n\n

Amid rumors that Ripple-managed wallets had experienced a security breach, CEO Brad Garlinghouse issued a significant denial. He refuted these accusations as negligent, maintaining that none of the purses under Ripple's management had been compromised and highlighting the robustness of their security infrastructure. <\/p>\n\n\n\n

However, due to the surge of fluctuating market confidence sparked by the incident, the price of XRP fluctuated in the aftermath of the shock.<\/p>\n","protected":false},"excerpt":{"rendered":"

The discovery of links to XRP’s authorized wallet in hacked Ripple co-founders’ accounts raises broader security concerns. The accounts of Ripple co-founder Chris Larsen were compromised in a cyber theft that resulted in the loss of XRP valued at $112 million. An investigation by the industry leader in cybersecurity, Hacken, has altered the initial perception […]<\/p>\n","protected":false},"author":53,"featured_media":71023,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[24],"tags":[18348,18349,8171,5607],"class_list":["post-71021","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ripples-news","tag-chris-larsen-2","tag-ripple-hack","tag-ripple-news-2","tag-xrp-2"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2024\/02\/gm-1.webp","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/71021","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/53"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=71021"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/71021\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/71023"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=71021"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=71021"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=71021"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}