On Wednesday morning, many were surprised to read headlines stating that XRP had been hacked for a substantial $112.5 million, leading to a rapid drop in prices and heightened fears. However, the news was somewhat misleading, as XRP itself was not hacked; instead, it was the personal wallets of Chris Larsen, one of the Ripple executives.

The initial report came from the prominent crypto investigator and on-chain sleuth ZachXBT, who highlighted the occurrence of the hack, identified the source address of the hack, and traced the subsequent laundering of the funds.

The stolen funds were sent to dozens of exchanges including MEXC, Gate, Binance, Kraken, OKX, HTX, and HitBTC.