Ripple co-founder's personal wallets hacked, $112 million XRP stolen
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Ripple co-founder Chris Larsen confirmed falling victim to a hack draining $112 million worth of XRP tokens from his personal wallets. The stolen funds were tracked across top exchanges and remain under investigation. The incident represents one of the largest individual heists targeting an industry leader.
Meanwhile, the Federal Reserve left benchmark rates unchanged after its recent FOMC meeting. However, the tone dispelled imminent easing hopes, with officials signaling priority on sustained inflation alleviation over cuts risking growth impacts. As we predicted, Bitcoin remains unfazed, only experiencing a minor dip in the hours after the rate adjustments.
Initial trading data revealed intense early transaction volumes for Jupiter exchange’s JUP token airdrop after its launch on the Solana ecosystem. Exceeding 1.2 million transactions in the first hour, Solana handled a peak rate of 1,400 transactions per second adjusted for complexity, according to developers. However, the token itself has remained range-bound between $0.61 and $0.74 thus far, even after listing on major centralized exchanges.
Today’s Newsletter
- Ripple co-founder’s personal wallets hacked, $112 million XRP stolen
- Fed leaves rates unchanged, sounds hawkish note on March
- Solana’s JUP surpasses $450 million trading volume in less than six hours
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SECURITY
Ripple co-founder’s personal wallets hacked, $112 million XRP stolen
Ripple co-founder Chris Larsen confirmed that $112 million worth of XRP was drained from his personal wallets, marking one of crypto’s largest individual heists. The stolen funds have already been tracked moving across top exchanges like Kraken and Binance. Larsen said the breach is under investigation to identify the exploit’s methodology and attempt to retrieve the stolen funds.
On-chain sleuths initially suspected that over 200 million XRP, worth around $112 million, had moved from Ripple wallets to an address that quickly distributed proceeds. The probe follows a recent failed hacking attempt targeting Bitfinex. While damage remains limited to Larsen’s personal holdings, renewed concerns emerge around XRP security and protection for figures representing billions in net worth. [cryptobriefing]
REGULATION
Fed leaves rates unchanged, sounds hawkish note on March
The Federal Reserve left its benchmark fed funds rates unchanged at 5.25-5.50% during its recent policy meeting, defying hopes for potential cuts which bulls see as a potential to set off a fresh run to new highs. The Fed stated it remains focused on “gaining greater confidence that inflation is moving sustainably” back towards its 2% target before easing policy to support growth.
Markets had priced in an approximate 65% probability of a March rate reduction before the announcement. However, odds lowered to around 50% in its aftermath as officials telegraphed priority on price stability. Bitcoin held relatively steady around $43,500 amid its ongoing post-ETF launch volatility. With the Fed sounding a hawkish tone, anticipation now turns towards Chairman Powell’s subsequent commentary and decisions, going forward. [coindesk]
SOLANA
Solana’s JUP surpasses $450 million trading volume in less than six hours
Trading volume for Jupiter exchange’s JUP token saw $450 million within 6 hours after launch. Over 1.2 million transactions were processed in an hour as the airdrop claim opened, with Solana handling up to 1,400 transactions per second, meeting the expectations of developers. However, JUP price activity remained muted between $0.61-$0.74 despite heavy volume on the platform and listings on centralized exchanges.
Despite the slow start and range-bound price action, the launch of JUP proves that Solana infrastructure can handle intense volumes that leverage the “full composability of Solana” according to Mert Muntaz, CEO of Helius Labs. High throughput doesn’t necessarily translate to eventual value accretion though, and translating ecosystem hype into realized adoption may take more time. [cryptobriefing]
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