Ripple’s Security Breach: A Deep Dive into the $112.5M Heist

Natalee — Wed, 31 Jan 2024 14:34:41 +0000

In a startling revelation by ZachXBT, a well-known investigator in the crypto space, Ripple, the blockchain-based digital payment protocol and currency exchange, faced a monumental security breach. Approximately 213 million XRP, valued at $112.5 million, were stolen in this sophisticated cyber heist.

It appears @Ripple was hacked for ~213M XRP ($112.5M)

Source address
rJNLz3A1qPKfWCtJLPhmMZAfBkutC2Qojm

So far the stolen funds have been laundered through MEXC, Gate, Binance, Kraken, OKX, HTX, HitBTC, etc pic.twitter.com/HKGYsLQeMv

— ZachXBT (@zachxbt) January 31, 2024

The Intricacies of the Ripple Heist

Source of the Breach The hack originated from the address rJNLz3A1qPKfWCtJLPhmMZAfBkutC2Qojm, according to details shared. This breach underscores the persisting challenges faced by even the most established players in the blockchain and digital currency world when it comes to securing assets against unauthorized access.

Laundering Tactics Following the theft, the stolen funds have reportedly been laundered through several prominent cryptocurrency exchanges, including MEXC, Gate, Binance, Kraken, OKX, HTX, and HitBTC. This movement of illicit funds highlights the sophisticated methods employed by cybercriminals in attempting to obscure the origins of stolen assets.

Theft Addresses Involved Several addresses have been implicated in this heist, including rGhR13XyM43WdDaSMznHd5rZ4cJatybvEg, rHQVKntyfkDCPhEBL2ctryuEAkDZgckmmV, rLsUemhuBZtF44rqqzneb2F9JgyrRYYd4t, rKPERax7t9iFvT3RHXn5nifyNpzp9a4hBa, rpjs4HLX1gJoEenH69PsQmXaXY22QhCYAT, and rLRhugR4ysNa2xkt4E6fKN8krs9jatCp6w.

Understanding Ripple’s Role in Blockchain Technology

Ripple, as a major player in the blockchain industry, focuses on real-time gross settlement system, currency exchange, and remittance network. Created by Ripple Labs Inc., a US-based technology company, Ripple aims to enable secure, instant, and nearly free global financial transactions of any size with no chargebacks. It’s widely recognized for its digital payment protocol more than its cryptocurrency, XRP.

Implications and Precautions

This incident is a stark reminder of the importance of robust security measures in the blockchain and digital asset world. It emphasizes the need for continuous vigilance and the implementation of advanced security protocols by entities dealing with digital assets.

TL;DR

Ripple suffered a major hack, losing about 213M XRP ($112.5M). Funds were laundered through multiple exchanges. Ripple is a key blockchain technology for real-time settlements and currency exchange. This incident highlights the need for enhanced security in digital asset management.

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Governments Auction Bitcoin seized during hacks

Mal — Fri, 12 Mar 2021 13:50:03 +0000

The French government plans to auction the cryptocurrency it seized from alleged hackers of London-based cryptocurrency platform GateHub. The French Agency for the Management and Recovery of Seized and Confiscated Assets (AGRASC) said that it would auction 611 bitcoins, which amounts to over $34.8 million at the current price. Paris-based auction house Kapandji Morhange will reportedly auction the 611 bitcoins on March 17. Two sales will be conducted: one at 9 A.M. and the other at 2 P.M. The first sale consists of 437 lots of between 0.11 and two bitcoins. The second sale consists of 41 lots of between five and 20 bitcoins.

GateHub was hacked in June 2019, resulting in the loss of 23 million XRP (Ripple) worth almost $10m. Later the same year, the crypto wallet service was hit by another attack, which saw the private data of 1.4 million users compromised.

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