Cybersecurity Breach Leads to $112 Million XRP Theft – Investigation Reveals Disturbing Connections
What initially appeared to be a straightforward case of cyber theft targeting individual digital assets has taken a more complex turn. A breach resulted in the theft of $112 million worth of XRP from several personal accounts, initially thought to be a typical case of cyber theft targeting individual digital assets.
Two of the compromised wallets were linked to what is described as a “trusted XRP wallet.” An investigation conducted by the renowned cybersecurity company, Hacken, suggests that the breach may have wider implications than initially believed.
Hacken’s Investigation
Hacken’s investigation into the XRP fund theft unveiled a sophisticated network involving transactions across various exchange addresses. Kraken was specifically mentioned among the exchanges used to transfer the stolen funds. Additional analysis identified a wallet with long-term relationships with XRP, having previous interactions with the same Kraken wallet in 2020. This wallet was also connected to another account that transferred funds to a different cryptocurrency exchange (CEX) as part of this incident.
The investigation pointed out that two wallets associated with an authorized XRP wallet played pivotal roles in this scheme.
Garlinghouse’s Denial
Ripple’s CEO, Brad Garlinghouse, vehemently denied claims suggesting a security breach within the company-managed wallets. Garlinghouse dismissed these speculations as “irresponsible,” clarifying that no wallets managed by Ripple were compromised and emphasizing the integrity of the company’s security systems.
This statement came amid market trust fluctuations, as XRP prices took a significant hit following the breach. The incident prompted quick actions, with affected addresses frozen and law enforcement agencies notified. The theft resulted in approximately 213 million XRP being stolen, according to coinshiba.online
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