The XRP (XRP) price has rebounded back above $0.51 following downside earlier in the day on concerning reports that a key Ripple Labs executive had been hacked for XRP tokens worth over $100 million.

Concerns about the security of XRP creator Ripple Labs XRP holdings, combined with concerns that hackers could dump their ill-gotten token on the market pressured the XRP price to as low as the $0.4850s, down nearly 5% on the day at the time.

But at current levels, the XRP price is back to trading flat on the day as more details emerge.

It appears @Ripple was hacked for ~213M XRP ($112.5M)

Source address
rJNLz3A1qPKfWCtJLPhmMZAfBkutC2Qojm

So far the stolen funds have been laundered through MEXC, Gate, Binance, Kraken, OKX, HTX, HitBTC, etc pic.twitter.com/HKGYsLQeMv

— ZachXBT (@zachxbt) January 31, 2024

The news was first reported by crypto analyst @ZachXBT.

He noted via a tweet on X that 213 million XRP tokens had been sent to various exchanges.

Ripple’s co-founder and executive Chris Larsen responded to the tweet by confirming that his personal accounts had been compromised.

However, he noted that exchanges had already been notified to freeze affected addresses and law enforcement are already involved.

That appears to have eased some concerns about a sudden dump of stolen XRP tokens onto the market.

The post XRP Price Prediction as On-Chain Data Suggests Ripple is Hacked for $100 Million – Is XRP Going to Crash? appeared first on Cryptonews.