Home Altcoins News Unraveling the Ripple Chairman Hack: XRP Theft Exceeds Initial Reports, Unveiling Intriguing Twists

Unraveling the Ripple Chairman Hack: XRP Theft Exceeds Initial Reports, Unveiling Intriguing Twists

In the wake of the recent Ripple Chairman hack, a detailed investigation by The Crypto Basic exposes a more extensive XRP theft than previously disclosed. The analysis, conducted by the renowned web3 security auditing protocol, Hacken, uncovers a series of twists and turns that challenge the initial narrative. From unconventional fund movement durations to intriguing interactions with addresses, this article navigates through the complexities, unveiling the true scale of the Ripple Chairman’s XRP theft.

The Initial Reports: Unraveling the Ripple Chairman Hack

The Ripple Chairman hack initially made headlines on January 31, following a disclosure by ZachXBT. Early reports estimated the loss at around 213 million XRP, with hackers utilizing centralized exchanges for fund laundering. However, Hacken’s subsequent analysis revealed a deeper layer of complexity and a larger-scale operation at play.

The Unconventional Fund Movement

Hacken’s investigation sheds light on the hackers’ unconventional approach to moving the stolen XRP. Contrary to typical practices where stolen funds are swiftly moved, the perpetrators took over 11 hours to complete the transactions. This departure from the norm raised eyebrows, prompting a closer examination of the breach’s intricacies.

Address Interactions: Unveiling a Cryptic Connection

One particular address, rU1bPM4, emerged as a focal point in the investigation. Hacken pointed out that this address had multiple interactions with Chris Larsen’s wallet even before the hack. The interactions hinted at a familiarity between Larsen and the address, raising questions about potential involvement or knowledge.

Kraken Address Controversy: Sorting Fact from Fiction

Hacken’s spotlight on a Kraken address used by the hackers stirred controversy. The initial implication was that this address belonged to the hackers, given its interaction with Larsen’s known address. However, Ripple CTO David Schwartz intervened, clarifying that the highlighted address is Kraken’s general deposit address. The ensuing correction by Hacken highlighted the complexities of navigating the XRP Ledger and the intricacies of deposit mechanisms.

The Crypto Basic’s Independent Investigation: Confirming the Scale of the Theft

In a parallel investigation, The Crypto Basic conducted its analysis, corroborating Hacken’s findings and adding new dimensions to the narrative. The address rU1bPM4, initially thought to be linked to Larsen, was revealed to be owned by Larsen himself. The investigation unveiled that Larsen’s wallet suffered an attack on January 30, leading to outflows of over 28 million XRP to multiple addresses controlled by the hackers.

The Unsettling Reality: More XRP Stolen Than Reported

As the layers of the Ripple Chairman hack unfold, it becomes evident that the stolen XRP exceeds the initial reports. While early estimates pointed to 213 million XRP, prominent on-chain investigator Tayvona confirmed a more substantial figure – 282 million XRP. The unsettling reality of a more extensive breach raises concerns about the security landscape and prompts a reevaluation of preventative measures within the cryptocurrency ecosystem.

Conclusion: Navigating the Intricacies of Ripple Chairman’s XRP Theft

The Ripple Chairman’s XRP theft unveils a tapestry of intricacies, from unconventional fund movement to cryptic address interactions. As the investigation by Hacken and The Crypto Basic peels back the layers, it becomes clear that the initial reports only scratched the surface. The true scale of the breach, now confirmed at 282 million XRP, underscores the evolving challenges within the crypto space. This incident serves as a stark reminder of the need for continuous vigilance and proactive security measures to safeguard digital assets in an increasingly sophisticated landscape.

Read more about:
Share on

dan saada

Dan hold a master of finance from the ISEG (France) , Dan is also a Fan of cryptocurrencies and mining. Send a tip to: 0x4C6D67705aF449f0C0102D4C7C693ad4A64926e9

Rate this article 0 / 5. 0

Leave a Reply

Your email address will not be published. Required fields are marked *

Crypto newsletter

Get the latest Crypto & Blockchain News in your inbox.

By clicking Subscribe, you agree to our Privacy Policy.