XRP Prices Plummet Below $1 After Coreum Bridge Hack

XRP's price plummeted to below $1 on August 11 for the first time since January 2024, following a hack on Coreum's XRPL bridge that compromised nearly 200,000 XRP in under two hours.

The breach was caused by a flaw in the bridge's deposit verification software, not the XRP Ledger itself, which remained secure. Ripple Labs and the XRP Ledger were not involved or compromised in the attack.

The Coreum team has halted operations to address the issue, highlighting the vulnerabilities of cross-chain bridges and rattling market sentiment.