The attack resulted in the theft of $112.5 million in XRP coins. The hackers initiated a laundering operation to disperse the stolen funds across various exchanges, including MEXC and Binance, in an effort to conceal their tracks and hinder recovery efforts.
Ripple’s co-founder Chris Larsen responded to the incident by confirming that the compromised wallet was his personal one and not affiliated with Ripple Labs. He outlined the company’s proactive measures, such as collaborating with law enforcement and security agencies, to address the impact of the cyberattack.
Larsen’s reassurances about the security of Ripple-owned wallets aimed to alleviate investor concerns. However, despite these efforts, some skepticism persisted among the community. In response, Garlinghouse reinforced Larsen’s message, emphasizing the integrity of Ripple-managed wallets and dismissing speculative claims.
The incident serves as a reminder of the evolving threats in the digital asset space, including sophisticated scams like the recent deepfake video of Garlinghouse. Such deceptive tactics are becoming more prevalent, urging investors and traders to remain vigilant to protect their assets.