Biggest Theft In XRP’s History: 24 Million XRP Move To Crypto Exchanges
What the Ripple enthusiasts and the XRP army of fans are waiting is to see all these achievements mirrored in the price of XRP.
Crypto experts are expecting the coin to hit $1 soon and then surge even more.
XRP massive theft
Now, Ripple’s digital asset is in the spotlight involving an enormous theft.
The Daily Hodl reports that there’s less than a million XRP left in perpetrator and perpetrator-affiliated accounts related to the recent GitHub hack, says big data analyst and Forbes contributor Thomas Silkjær.
You may recall that back in May and throughout the first two weeks of June, a hacker managed to steal more than 25 million XRP worth roughly $11.9 million in a few hacks on the crypto wallet service, according to the data analyst.
Over 24 million XRP were sent to exchanges
Since then, the hacker sent about 24.2 million stolen XRP to various exchanges, according to Silkjær.
“When the last million makes it to exchanges, it will mark the conclusion of the biggest theft in XRP’s history, but the story should not end here and answers are still to be given: how did the perpetrators get hold of private keys for hundreds of XRP accounts, how do we prevent it in the future, how much of the stolen funds have been seized by exchanges and when can victims expect to see their funds returned?”
He also explained that this hack was different compared to others.
It seems that the stolen funds were not in the custody of Gatehub but they “were in accounts Gatehub had custody of the keys for.”
Gatehub is not an exchange, “but a gateway to the XRPL decentralized exchange,” he said.
Exchanges and accounts have been used by the hacker to cash out.
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Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.