XRP Tumbles to $1 After Coreum Bridge Hack Drains 200k Tokens

XRP plummeted to $1 on Tuesday for the first time since November 2024 after an attacker drained approximately 200,000 XRP from the Coreum bridge. The hack occurred on August 9 when the bridge held roughly 200,410 XRP before the attacker exploited a flaw in the relay software's logic.

The attacker moved the bridge's own token between two wallets while labeling it as a fake deposit, which the software mistakenly treated as a real incoming payment. This allowed the attacker to withdraw the actual XRP and forward it through older staging wallets, a classic laundering pattern.

XRPL.to concluded that 21 independent relayers fell for the same trick at the same time due to the flaw in the relay software's logic, rather than stolen keys. The bridge halted the following afternoon after being compromised.