Security Breach: Chris Larsen's XRP Accounts Hacked, Uncovering $112.5M Loss
In a shocking turn of events, Chris Larsen, the Executive Chairman of Ripple, has fallen victim to a security breach resulting in the loss of a significant amount of XRP. Four wallets belonging to Larsen were compromised, leading to the theft of 237.68 million XRP, valued at approximately $117.4 million. The breach was initially identified by Blockchain analyst ZachXBT, who noticed substantial transfers to various exchanges, with one compromised wallet named "rHVjfY."
Upon discovering the breach, Larsen promptly addressed the issue by freezing the affected addresses and involving law enforcement in the investigation. Despite the swift response, the security compromise has had repercussions in the cryptocurrency market, causing a more than 5% decline in the value of Ripple's XRP token. Larsen clarified that the breach was limited to his personal XRP accounts and did not impact the Ripple network itself.
The stolen funds, totaling $112.5 million, were reportedly laundered through major cryptocurrency exchanges, including Binance, Kraken, OKX, Gate, HTX, HitBTC, and MEXC. This incident has raised significant security concerns in the crypto ecosystem, particularly as it involves a high-profile figure like Chris Larsen.
ZachXBT, who flagged the incident, identified approximately eight addresses associated with the alleged theft, revealing a rapid movement of funds on Tuesday. This raises questions about the overall security measures within Ripple's ecosystem and the broader vulnerability of prominent figures to hacking attempts. The incident will undoubtedly prompt a thorough investigation and scrutiny of Ripple's security protocols.
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Criticism from Ripple's Garlinghouse Targets SEC's Gensler Over Crypto Approach
Ripple CEO Brad Garlinghouse has launched a pointed critique against SEC Chairman Gary Gensler, branding him a "political liability" during an interview at the World Economic Forum in Davos. Garlinghouse questioned Gensler's commitment to the interests of the American public and the long-term economic growth of the country. He suggested that a change in SEC leadership would be advantageous for the United States.
The criticism follows the SEC's cautious approach to the cryptocurrency industry, with delayed approvals for Bitcoin ETFs and legal actions against various crypto firms. The SEC's decision to drop charges against Ripple was seen as a significant setback, prompting Garlinghouse's critical remarks.
In the interview with CNBC's Arjun Kharpal, Garlinghouse accused Gensler of acting against the interests of the citizenry and the economy, describing his approach as a "political liability." Despite recent approvals for Spot Bitcoin ETFs, Gensler continues to issue warnings about cryptocurrency investments, leading Garlinghouse to characterize this behavior as "insanity." He predicted a potential change in SEC leadership, suggesting it would be in the best interest of the American people.
Garlinghouse also raised concerns about Gensler's alleged connections with former FTX CEO Sam Bankman-Fried, referencing a video that suggested questionable meetings during a challenging period for FTX. This commentary adds fuel to existing disputes and implies potential political influences on Gensler's regulatory decisions.
The recent court loss by the SEC in a case against Grayscale Investments, where the SEC attempted to block the transformation of Grayscale's Bitcoin trust into a Spot Bitcoin ETF, further supports Garlinghouse's criticism, highlighting perceived flaws in the SEC's regulatory approach.
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'Almost Famous' The Broadway Musical Gives a Nod to 1970s Music
‘Almost Famous’ The Broadway Musical Gives a Nod to 1970s Music
Casey Likes, Solea Pfeiffer in Almost Famous (courtesy of Matthew Murphy)
From the response of the audience’s standing ovation and cheering, the snarky comparison by critics to the lead actors of Almost Famous and Dear Evan Hansen and other criticisms didn’t seem to matter. That is because Almost Famous delivers. This is especially so if one has seen the titular film (2000). If you appreciate a…
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Retrospective: Dreamin' about Elvis
by Chris Olds & Martin Young, Jonathan McEuen & Bernie Larsen 2014
Jonathan McEuen on Guitars, Bass, Vocals – Bernie Larsen Piano, Bass (instrumentation) – Christopher Olds Lyrics, Arrangement, Drums – Martin Young – Song Arrangement, composition
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WIZARDS The Podcast Guide To Comics | Bonus: X-Men Special '99
We’re joined by Brad Gullickson from the Comic Book Couples Counseling podcast for a very fun discussion about the Wizard X-Men Special issue from 1999 including the outrageous creation of your favorite mutants, the 10 Best X-Men stories ever told, learning how Wolverine got his Adamantium back and so much more.
You can enjoy an UNCUT version of this episode with extra conversation and a scan of…
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