Larsen Confirms Personal XRP Accounts Hacked for $112.5M

Ripple's Executive Chairman Chris Larsen confirmed that his 'personal XRP accounts' were hacked, resulting in the theft of $112.5 million worth of XRP tokens.

The incident occurred on Wednesday and caused a sharp decline of over 5% in the price of XRP.

Larsen stated that there was 'authorized access' to his personal accounts, but they were promptly identified and notified exchanges to freeze the affected addresses.

Ripple Labs, the company behind the network, utilizes XRP tokens to power tools like RippleNet, its cross-border payments platform designed for financial institutions.