Hackers stole approximately $112 million in Ripple’s cryptocurrency, XRP, from a crypto wallet on Tuesday, according to the company’s co-founder and executive chairman. Ripple’s Chris Larsen said on Wednesday that the stolen cryptocurrency was his. Larson wrote on

Larson wrote this article less than an hour after the well-known cryptocurrency security researcher ZachXBT broke the news of the hack.

In an article published on X, the cryptocurrency security researcher added that the stolen XRP funds had been laundered through several cryptocurrency exchanges and platforms, including Binance and Kraken. Binance spokesman Simon Matthews said the company was "aware of and actively supporting the investigation." Kraken did not immediately respond to a request for comment.

However, the details of who controls and owns this hacked wallet are unclear, as it may or may not be a wallet from the Ripple company.

According to XRPScan's on-chain data, the hacked wallet was named "Ripple(50)" and was activated by an independent wallet named "~FundingWallet1" on November 5, 2018. ~FundingWallet1 was activated by Larsen's account on February 6, 2013, approximately a month after his own account ~chrislarsen was created.

The company's spokesperson Stacey Ngo said that "Ripple officials have not been affected."

Ripple has been a payments and enterprise infrastructure provider since its founding in 2012. Its products include networks, protocols and a decentralized public ledger called XRPLedger. The network’s token, XRP, which has a market capitalization of $27.4 billion, according to CoinMarketCap, fell about 4% on the day after news of the hack broke.

Now, some XRP holders are calling on the co-founders to disclose their cryptocurrency wallets and XRP holdings in an effort to increase transparency, while others, like ThinkingCrypto podcast host Tony Edward, are calling on Larson to "stay as far away from Ripple as possible."

According to data collected by Rekt, a website that tracks Web 3 and cryptocurrency vulnerabilities, the hack is the largest cryptocurrency theft so far in 2024 and the twentieth largest cryptocurrency theft on record.

Hackers stole about $2 billion in cryptocurrency last year, according to cryptocurrency security firms that track such hacks.