The XRP cryptocurrency rate fell amid the Ripple hack

Ripple's XRP token falls more than 5% amid reports the network was hacked with $112.5 million in damages. The theft of cryptocurrency has already been confirmed by the head of the company.

A crypto detective under the pseudonym ZachXBT clarified that 213 million XRP tokens ($112 million) were withdrawn from one of the Ripple wallets, and some of the funds had already been laundered through such crypto exchanges as MEXC, Gate, Binance, Kraken, OKX, HTX, HitBTC.

Later, co-founder and head of Ripple Labs Chris Larsen confirmed the hack, adding that the leak affected only his “personal XRP accounts,” but not the company itself.

“We were able to quickly identify the problem and notify exchanges to freeze the affected addresses.. Law enforcement is already involved,” Larsen wrote..

Ripple (XRP) remains the sixth-largest cryptocurrency by market capitalization, according to CoinMarketCap.

In 2020, the US Securities and Exchange Commission (SEC) sued Ripple Labs, alleging that the firm committed fraud by selling XRP tokens without first registering them as securities.. However, Larsen and his company scored a major victory in July 2023, the judge did not define XRP as a security.

In September, Ripple CEO Brad Garlinghouse called the United States one of the riskiest jurisdictions for developing a cryptocurrency business.