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Hello this is Matt on the moon Lambo Channel folks this is a bombshell of a Story if true look at the headline from Coin Telegraph hacking links Ripple Chairman's hack to xrp official wallet And what they're getting at here is that Regarding the Chris Larson uh xrp hack Which I'm sure at this point pretty much All of you are familiar with if not uh Just Google that first Chris Larsson xrp Hack it will bring up a sorts of stories About what happened with uh you know Ripple co-founder Chris larsson's Personal accounts being compromised uh This article from coin Telegraph and There are many articles from various Crypto media Outlets covering this very Same story they highlight that it looks Like what may have happened with Chris Larsson's accounts xrp accounts being Compromised was actually an inside job That's a direct quote from coin Telegraph now they stop short of saying That uh definitively that it was a Ripple employee that played a part in This but they're leaving that option on The table so here's the dear deal deal Folk this is this is a crypto focused YouTube channel heavy Focus specifically On xrp I'm going to cover whatever's in The news even if it sounds bad but I Will tell you this at the outset I am Not convinced currently that this is the Case but again whether it sounds good or
Bad if it's being discussed I'm going to Cover it and plus if this ends up being True and then I don't cover it I'd feel Silly on the other side of this thing But I'm not like that if you've been Following me for a while you know even If it's negative sounding if anything That extra makes me want to go after it So let's just highlight this um and I Will say this too David Schwarz Ripple CTO had at least one correction to this Analysis that I've seen so far I don't Know if he had additional analysis that I perhaps missed but I saw one which is Fairly crucial it's a it's a notable Critique against the argument here but Um before going further I do want to be Clear I do not have a financial Background of any kind I am not offering Financial advice and you definitely Should not buy sell anything because of Anything I say or right I'm just an Enthusiast who enjoys making YouTube Videos about crypto related topics but Just as a hobby and just for fun um and By the way there seems to be a bit of Conflating when it comes to uh Ripple And xrp one is a company one is a Cryptocurrency these terms cannot should Not well they can be but they should not Be used interchangeably one is not the Other but that does seem to be done here And anytime I see something like that it Makes me question mark every everything
Else that the person says because either There could be a bad intent or B uh Incompetency up play it just concerns me But still so I just that's one last Thing I'll preface with then we jump on In here a key executive of Ripple the Company Behind The xrp Ledger there's Another false one may have had his Personal crypto wallets compromised via An inside job folks you know it's almost Like coin Telegraph wants this to be the Case almost like that anyway according To a February 7th report from blockchain Analytics platform hackin Hen the hacker who exploited Ripple Co-founder and chairman Chris Larson's Personal wallets for 112.5 million do Worth of xrp on January 31st also had Links to a Wallet account that Ripple May have Controlled however the blockchain Auditing firm stopped short of claiming That the attack was carried out by a Ripple employee stating that it was Quote two early for conclusions end Quote nevertheless the firm claimed that Quote two wallets connected to xrp's Authorized wallet played key roles end Quote in the attack so there you can go You can already see Ripple being confed With xrp but those are some of the most Notable quotes they're saying again that This could be an inside job it's Literally on your screen right now but
They'll stop short of saying that it was A ripple employee that did it but again Of course it seems to me that a lot of People writing for coin Telegraph do not Like xrp and do not like Ripple so um Keep that in mind um on the other side That again like I said earlier in the Video it it's not just coin Telegraph Covering this though it's tons of crypto Media Outlets covering this Story anyway peace continues on January 31st Larson claimed that some of his Personal wallets had been compromized Causing him to lose 213 Million xrp Worth $12.5 million at the time of the Incident the following day binance CEO Richard Tang revealed that his exchange Had Frozen $4.2 million worth of xrp Stolen in the attack hackins researchers Say the attacker allegedly split up the Stolen funds into eight different wallet Accounts from there six of the wallets Sent funds to a single intermediate Wallet with an address that begins with RH yqb which subsequently sent $7.9 Million worth of xrp to yet another Address starting with R4h additional xrp was sent through Other intermediate wallets before Reaching a binance deposit address after Establishing the fund's whereabouts Hackin began analyzing the incoming Transactions to each wallet researchers Found that a wallet address beginning in
R1 BPM 4 had sent $ 64.6 million in xrp To lson in the past it also sent $37,500 Worth to one of the intermediate wallets Later used to transfer the stolen funds This seems to imply either that a person Who sent lson $65 million also sent $37,500 to the attacker or else the Attacker is the person who sent these Funds to Larson this wallet accountant Beginning in ru1 BPM 4 also sent nearly $2 million to a kraken deposit address In 2020 and the attacker made deposits To this same Kraken account hacken Claimed the firm claimed that Kraken Deposit account was quote allegedly used To funnel funds end quot from the attack In addition researchers claim that the Ru1 BP M4 account has quote longstanding Ties with xrp predating the incident end Quote implying that it may have been an Authorized wallet and so hacken wrote The Following quote in this 10$ 112.5 Million hack incident two wallets Connected to xrp's authorized wallet Played key roles it's two early four Conclusions but the story is getting More interesting end quote and again It's the conflating is really bothering Me here but I'm just reading it as Written here then they say an Investigation into the hack is Continuing coin Telegraph reached Dr Ribble for comment but did not receive a Reply by time of publication and so I
Notice that here we are a day later and There's no updates here but there are Things to update for instance I found One I want to highlight right quick here Uh so there here's the the actual thread And this is what being was being Referenced this what they used to create The article right this is the the Official thread from hacken and this Account has 92,000 followers right well I'm not convinced that whether it's one Person or multiple people running this Account I'm not convinced they know very Much at all about xrp or The xrp Ledger So the conflating is one thing so either That's intentional and they just are Happy to uh you know mislead their own Followers if they just hate xrp because You do see that from like coin Maxi Types or they literally just don't know And I'm guessing that's more probable Here but I can't say for sure but either Wait this is where David Schwarz jumped In just 13 hours ago responding to Hacken uh because again you you'll Recall that part of what I just shared With you in that story is they're noting Um what was sent to that Kraken address And they were talking about um look There there had been some sort of uh Transactions with that address in the Past so what's that mean what's that Mean is there is there something to this Well on that front specifically no that
Wouldn't make I don't have any reason to Believe so anyway and so David Schwarz Wrote to hacken and said I suspect you Don't understand how the xrp ledger Works for example and then he shares the Address uh is kraken's only xrp deposit Address all xrp deposits to Kraken are Made to the same Kraken wallet and so You would think that that would be worth Something updating uh to to update uh if Your coin Telegraph that that might be Worth saying Right no update whatsoever no Additionally looking into this uh might That destroy the entire story or at Least a substantial chunk of it if not The entire damn Thing what do you think and then you Have vet which responded to um to to David Schwarz here xrpl validator and Said so basically funds got tracked here That didn't even belong to the original Compromised address as those funds were Probably just normal users depositing Into Kraken the transaction tags should Have given that away too right they are All different as expected and so it Seems that hack in here uh it seems like They're just legitimately not familiar With the xrp Ledger didn't understand That uh there this is a shared address That Kraken has and that's why you've Got the uh the Tagline because it's like your own
Little sub address within that Particular account that's how exchanges Do this seem to not be familiar that This is indeed the case and not a single Update so I have no reason to believe That there is actually that there's is Some sort of inside job or that there Was a ripple employee I'm just reporting It I'm not convinced of this but it's Been widely discussed widely discussed Today covered very extensively by uh all Sorts of crypto media Outlets so that's What I got for you now if they update This I'll try and at least have I don't Know if I'll have a whole separate video About this unless there's something Really worthy of it uh otherwise I'll Probably just if if if there's ever Anything noteworthy I'll add a blurb in A future video but I just I can't Imagine that I I can in theory imagine I Don't think that this is going to amount To anything that's all I'm saying it's In the news I covered it hopefully this Is the end of it though that's pretty Much all I'm saying right I'm not a Financial adviser you should not buy Your sell anything because of anything I Say or right that would be a very very Very bad idea until next time to the Moon Lambo
