Ripple Exec's Account Hack Sends XRP Price Tumbling 5%
• Ripple's XRP token fell over 5% on Wednesday due to speculation of a network breach after Executive Chairman Chris Larsen's "personal XRP accounts" were hacked.
• $112.5 million worth of XRP was breached from Larsen's accounts, but Ripple clarified there was no breach to the Ripple network itself.
• Exchanges froze affected addresses to stop further laundering of funds, and law enforcement is investigating.
• The incident comes after Ripple Labs and Larsen won a legal victory in 2023 when a judge declined to classify XRP as an outright security.
• XRP price dropped from $0.525 to $0.497 amid the uncertainty caused by the executive account hacks.