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- Ripple CEO Brad Garlinghouse confirms no Ripple wallets were compromised, only the personal wallet of Co-Founder Chris Larsen was affected.
- Despite a temporary drop, there’s optimism for XRP’s price recovery to $0.55.
In light of the recent hacking incident that stirred the Ripple (XRP) community, there was a significant concern after a report by CNF highlighted a dramatic plunge in Ripple’s XRP token value, dropping over 5% due to a theft estimated at $112.5 million.
Addressing the concerns, Chris Larsen, Ripple’s co-founder, elucidated that the compromised wallet was his personal one and not linked to Ripple Labs, reinforcing that Ripple’s wallets remain uncompromised and secure.
Moreover, Ripple CEO Brad Garlinghouse promptly responded to the situation, reassuring the community by debunking rumors of any breaches to Ripple-managed wallets. In a statement, he underscored the need for increased vigilance among users, as detailed in a CNF YouTube presentation.
My tweet further clarified that despite the reported $112.5M loss in XRP, Ripple’s official wallets remained untouched, highlighting the incident’s isolation to Chris Larsen’s personal wallet.
🚨 #Ripple Hack Scare Update! 🚨
💥 $112.5M XRP loss reported, but NO Ripple wallets compromised! 🛡️ 🌐
Perpetrators used laundering tricks. @bgarlinghouse sets the record straight! 💪 🔒
Your #XRP is secure! The compromised wallet was Chris Larsen's personal address, NOT… pic.twitter.com/xf929FzNZa
— Marcel Knobloch aka Collin Brown (@CollinBrownXRP) February 1, 2024
Community reactions on social platforms reflected a mix of concern and skepticism, with some users suggesting market manipulation as a factor keeping XRP’s value suppressed.
More market manipulation to keep XRP down by the liberal media”
In response to criticisms regarding his personal wallet’s security, Larsen and Garlinghouse firmly addressed the speculative narratives, urging a halt to irresponsible speculation and reporting.
The cofounder and executive chair of Ripple cannot manage and protect his own money.
This is a disgrace.
— Wen Moon (@WenMoonTok) January 31, 2024
The pivotal question now is whether XRP can rebound to $0.55? following its recent dip to $0.49, marking a 3.70% decrease in the last 24 hours and a 4.03% fall over the previous week.
Market indicators suggest a potential for recovery, pointing towards a hopeful outlook for XRP’s value to reach the anticipated $0.55 mark.
