XRP Price Plummets to 2-Year Low After Coreum Bridge Hack
XRP's price plummeted to $0.99 on August 11, marking its lowest level in over two and a half years. The token's value had been struggling to hold above the $1 support level due to declining transaction volume on the XRP Ledger.
The collapse was triggered by the exploitation of the Coreum cross-chain bridge connecting to the XRP Ledger, which resulted in nearly 200,000 XRP being drained from the bridge in just 97 minutes. The attacker exploited a deposit verification flaw in the bridge's relayer logic, submitting fabricated deposit actions that the system accepted as legitimate.
The incident highlights the structural risks in bridging infrastructure, with cross-chain bridges losing $340.7 million across fourteen exploits this year alone. The Coreum Development Foundation has not released an official incident report, leaving the community to piece together what happened through on-chain data and independent security analysis.