Ripple CEO Clears the Air on Security Amidst Reports of XRP Breach
- Ripple CEO Brad Garlinghouse addressed concerns about the security of Ripple-managed wallets, stating that none were compromised.
- Co-founder Chris Larsen confirmed a security breach involving his personal XRP accounts but emphasized that it did not affect Ripple wallets.
Ripple’s co-founder, Chris Larsen, confirmed a security breach involving unauthorized access to his personal XRP accounts, following reports of roughly $112.5 million worth of XRP theft by independent investigator ZachXBT. These events led to a decline in XRP’s trading price.
This security breach stands as the largest cryptocurrency theft of the year. In 2023, the crypto industry witnessed approximately $2 billion in cryptocurrency stolen across various hacks, as reported by multiple crypto security firms.
Ripple CEO Brad Garlinghouse took to the X platform to address what he termed “irresponsible speculation and reporting” surrounding the security of Ripple-managed wallets. In a clear and unambiguous statement, Garlinghouse emphasized, “NO Ripple-managed wallets were compromised. Full stop.” This response aimed to clarify the situation after Chris Larsen’s confirmation of a security breach involving his personal XRP accounts. Larsen underscored that this incident was isolated and did not affect Ripple’s wallets, which he assured remained secure.
Misattribution and Omission
ZachXBT, the independent cryptocurrency investigator, highlighted the misattribution of Larsen’s compromised account as belonging to Ripple in XRP block explorers. He also noted the omission of Larsen’s role as co-founder and executive chairman of Ripple in the community note addressing the breach.
In an effort to mitigate misinformation, a community note was issued on the social platform X. This note clarified that Ripple’s infrastructure remained uncompromised and that the security breach pertained solely to Chris Larsen’s personal holdings.
The cryptocurrency community is closely following developments in the wake of this significant security breach. Ripple CEO Brad Garlinghouse’s unequivocal statement aims to provide clarity and reassure users about the security of Ripple-managed wallets.
