200 Million XRP Tokens Stolen from Ripple Co-Founder

Authorities are currently investigating a massive cryptocurrency hack that occurred at the end of January and targeted Ripple’s co-founder, Chris Larsen.

According to reports, hackers who have since been linked to North Korea attempted to steal around 200 million XRP tokens from a specific digital wallet owned by the co-founder of Ripple.

These tokens have a market value of around $112.5 million. Once the tokens were removed from the wallet, it appears that the hackers attempted to distribute the assets across multiple trading platforms. These platforms include Kraken, OKX, and Binance.

Chris Larsen and Ripple first became aware of the attack when crypto exchange WhiteBit noticed a series of “suspicious” deposits. Ripple immediately alerted Chris Larsen, the Executive Chairman of Ripple Labs, who took action to freeze the affected accounts. Binance froze over $4.2 million in XRP tokens that were flagged as suspicious.

Larsen assured the public that the attack was an isolated incident and that Ripple’s digital wallets were secure and were never compromised.

In an interesting twist to the hack, it appears that the complexity of the blockchain, digital wallets, and cryptocurrency exchanges in general led to a massive misstep by the hacking group. Now, around $121,000 worth of XRP is “lost,” floating around in the digital realm because the hacking team that stole the digital tokens failed to add a destination tag when distributing the tokens on the cryptocurrency exchanges.

In essence, that means the hackers sent the digital tokens to the OKX exchange but failed to specify which wallet those funds should’ve landed in. Since the funds weren’t credited to any account, the funds exist but are simply unclaimed and swirling around cyberspace.

An investigation into the whole ordeal is currently underway.

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