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How a Cybersecurity Breach Triggered a 100 Million XRP Sell-Off

Published 02/06/2024, 08:12 PM
Updated 02/06/2024, 08:15 PM
How a Cybersecurity Breach Triggered a 100 Million XRP Sell-Off
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  • Post-hack, XRP’s CVD plummeted, signaling a massive sell-off of nearly 100M tokens, mainly on Binance and OKX, raising security concerns.
  • ZachXBT’s hack revelation led to a market shift, with significant BTC withdrawals linked to the stolen XRP totaling $73.3M.
  • The Ripple co-founder’s wallet hack underscores the critical need for enhanced security and transparency in the cryptocurrency market.

Following a cybersecurity breach that affected Ripple’s co-founder, Chris Larsen, the cryptocurrency market saw a notable downturn in the trading of XRP tokens. The market analytics provider Kaiko unveiled data highlighting a considerable drop in the Cumulative Volume Delta (CVD) for XRP.

This metric gauges the aggregated buy and sell activities on cryptocurrency exchanges, underscoring a stark sell-off, predominantly on Binance and OKX. The sell-off, involving nearly 100 million XRP tokens, may have been in part triggered by the hack and prompted widespread concern regarding the safety of digital assets within the crypto ecosystem.

The post How a Cybersecurity Breach Triggered a 100 Million XRP Sell-Off appeared first on Coin Edition.

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