Ripple CEO Slams “Irresponsible Speculation and Reporting” of $112.5M Security Breach

Ripple CEO Brad Garlinghouse has criticized media coverage of a recent security breach that affected a wallet address belonging to the company’s chairman.

On Wednesday, reports emerged that Ripple (the company) had suffered a security breach, leading to the loss of 213 million XRP (approximately $112.5 million).

However, Ripple chairman Chris Larsen subsequently confirmed that the hack involved his personal XRP wallets. He stress that no assets or addresses owned by Ripple were affected. 

However, negative reports continued to circulate, with some alleging that Ripple was indeed affected and that there was no clear distinction between the chairman’s assets and the company.

These reports irked Ripple CEO Brad Garlinghouse, who slammed those behind the accusations. In an X post, Garlingouse labeled such claims as “irresponsible speculation and reporting.” He then reiterated that hackers did not compromise any Ripple-managed wallets.

Given some irresponsible speculation and reporting, I want to reiterate that NO Ripple-managed wallets were compromised. Full stop. https://t.co/zxVeCH1Ut0

— Brad Garlinghouse (@bgarlinghouse) January 31, 2024

Ripple Aims to Calm Market Fears

The latest post from the Ripple CEO comes at a time when market confidence in XRP is shaky. Over the past three months, the asset has underperformed other top cryptocurrencies, losing 18% in a period where other assets so multiple double-digit gains.

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The recent hack only exacerbated Ripple’s woes, with the asset losing 5% in the aftermath. At the time of writing, XRP is at $0.496, which means a 20% decline in the past 30 days.

Within the same period, XRP has lost its position in the top crypto rankings to Solana (SOL) and more recently, USDC.

Nonetheless, XRP investors remain confident that market performance will improve soon. Several analysts point to historical patterns suggesting that the market action has a semblance to a period in 2017 leading up to a surge in XRP prices.

Such an outcome will evidently erase the recent losses and return the smile on the faces of investors, many of whom are currently troubled.

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• Source: https://thecryptobasic.com/2024/02/01/ripple-ceo-slams-irresponsible-speculation-and-reporting-of-112-5m-security-breach/?utm_source=rss&utm_medium=rss&utm_campaign=ripple-ceo-slams-irresponsible-speculation-and-reporting-of-112-5m-security-breach