XRP price dips as Ripple co-founder says personal accounts impacted in $113 million exploit

Quick Take

  • The price of XRP dipped more than 4% on Wednesday as Ripple co-founder Chris Larsen said there had been “unauthorized access” to “a few of my personal XRP accounts.”
  • Crypto sleuth ZachXBT first reported the exploit, which appeared to affect 213 million XRP worth $112.5 million.

The price of XRP +1.40% dipped on Wednesday, causing a spike in long liquidations, as Ripple co-founder Chris Larsen said there had been "unauthorized access" to "a few of my personal accounts."

Larsen's comments followed a post on X from crypto investigator ZachXBT, who said that it appeared Ripple "was hacked" for about 213 million XRP worth $112.5 million. 

XRP has declined 4.4% in the past 24 hours, falling to $0.50 at 10:30 a.m. ET, according to The Block's Price Page.

The price of XRP has dipped more than 4%. 

Spike in XRP liquidations

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The decline in the price of XRP led to the liquidation of over $4 million worth of leveraged XRP positions. The majority of those leveraged positions were longs, with around $3.8 million wiped out.

According to Coinglass data, total liquidations in the past 24 hours for all leveraged crypto positions amounted to $150 million. The majority of the liquidations were long, with $113 million wiped out, and around $36 million in liquidated short positions.

In derivatives markets, liquidations take place when a trader's position is forcibly closed due to insufficient funds to cover losses. This situation arises when market movements are unfavorable to the trader's position, resulting in the depletion of their initial margin or collateral.

Bitcoin's price is down 1.6% over the past day. It was trading at $42,916 at 10:30 a.m. ET.


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About Author

Brian McGleenon is a UK-based markets reporter for The Block. He has worked as a financial journalist and producer for multiple news outlets over the years, such as Fuji Television, The Independent, Yahoo Finance, The Evening Standard, and The Daily Express. Brian is also a screenwriter and producer with one feature film produced and one in development with Northern Ireland Screen. Apart from web3 and cryptocurrency developments, he is also interested in geopolitics, environmental issues, artificial intelligence, and longevity research. Get in touch via email [email protected].

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