Cryptocurrency markets experienced a momentary shakeup recently as Ripple’s XRP token faced a substantial dip of over 4%. Speculation ran rampant, fueled by reports suggesting a hack that drained $112.5 million from the network. Let’s explore the details surrounding the alleged hack and question whether Ripple was indeed compromised.
XRP On-Chain Investigation
A closer look at on-chain data from XRP Scan reveals intriguing details about the alleged hack. The compromised wallet, named “Ripple (50),” was activated on November 5, 2018, by another wallet known as “~FundingWallet1”. Interestingly, this funding wallet traces back to Chris Larsen’s account, activated on February 6, 2013, just a month after his primary account, “~chrislarsen,” came into existence.
Ripple’s Response
Chris Larsen, co-founder of Ripple, took to social media to address the situation, confirming unauthorized access to his personal XRP accounts. He assured the community that the issue was swiftly
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