The alleged hack was reported by internet sleuth ZachXBT.

Swell fellow benefactor and chief executive Chris Larsen said on Jan. 31 that his own records had been hacked. The news was first announced by crypto investigator ZachXBT, where it was at first believed that the actual organization had been hacked.

“Yesterday, there was unauthorized access to a few of my personal XRP accounts (not @Ripple) — we were quickly able to catch the problem and notify exchanges to freeze the affected addresses. Law enforcement is already involved.”

The Wave director didn’t affirm the sums yet, per ZachXBT, the break got 213 million XRP XRP worth about $112.5 million as of the hour of the occasion.

The funds were reportedly siphoned and then the perpetrator(s) attempted to launder the XRP through at least six different exchanges.

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In any case, as Larsen’s X post shows, policing involved and has presently frozen accounts connected with the break. At this time, whether the funds are still in exchange custody is unknown.

Ripple did not respond to a request for comment right away.

The hack’s news spread quickly; After that, the price of XRP dropped by about $0.01, but it quickly recovered and remains close to flat nearly an hour after the hack was first reported.

While it right now seems like Wave accounts weren’t involved, accordingly showing that XRP-holder reserves are protected, this could remain as one of the biggest digital currency related hacks of 2024 up until this point.