XRP Price Plummets Below $1 After Coreum Bridge Hack
XRP's price plummeted below $1 for the first time in nearly two years following a hack on the Coreum bridge. The attack, which occurred on August 9, resulted in an attacker draining nearly 200,000 XRP tokens in just 97 minutes.
The Coreum bridge allows users to lock XRP on the XRPL and receive an equivalent bridged version on the Coreum blockchain. However, a validation gap in the relayer software enabled the attacker to exploit this system.
According to data from XRPL.to, the bridge account held approximately 200,410 XRP before the incident and released funds at 19:16 UTC. Over the course of 97 minutes, the account executed 94 payments totaling 199,916.3 XRP to two newly created wallets.
Despite the multi-signature process functioning as designed, the absence of a crucial check in the software allowed the attacker to transfer funds to himself without verification. This omission opened the door for the attack, which ultimately resulted in over $200,000 worth of XRP being drained from the bridge.