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Hello this is Matt on the moon Lambo Channel Ripple co-founder Chris Larson Was hacked to the tune of 213 million Xrp this happened yesterday leading many To speculate that the price drop that we Saw for xrp yesterday was a result of This but is that the case uh I'm Actually not sold on that idea and I'll Explain why but this is absolutely wild And there's people questioning well if You can't keep your xrp safe how the Hell am I supposed to it just it makes Me wonder exactly how this all went down So I'll share with you everything we Know to this point uh the news broke a Little after 8:00 a.m. Central Time Which is my time zone at the time I'm Recording this in case anyone is curious It's 10:44 a.m. Central Time uh so who Knows perhaps more news breaks and um That'll cause all of our opinions to Adjust accordingly but uh let's go ahead And dig into this before we going Further though 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 Or 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 now here's a Proper headline from coin Telegraph Ripple chairman Chris Larsson hacked for
Reported 213 Million xrp worth Approximately 112.5 Million here's an example of a Completely inappropriate headline which Is inaccurate coming from of course Bitcoinist.com this is where you go for The most reliable trustworthy xrp and Ripple related news right you go to Bitcoin.com right no you do not because You get headlines like this Ripple Falls Victim to massive hack over 213 million Xrp stone uh no Ripple was not hacked by All accounts to this point absolutely Not it was strictly Chris Larson but They know that and they put this out Anyway this is garbage thank you round Of applause for bitcoinist everybody for Screwing everything up in line to their Readers thank you for misleading your Followers I don't understand how people Have trust in this Publication so here's what we got this News broke at 8 8:05 you can see the Time stamp here 8:05 a.m. Central Time This is the account that broke it Zack Xbt on social media platform x uh in 2024 X is where news actually tends to Happen first so this is where you can Get the most up to- theate stuff I'm Pretty much any topic that is true Actually but Zack xbt wrote the Following it appears Ripple was hacked For
213 million xrp $12.5 million and then he shares a Source address now as far as him Reporting this that is reasonable Because he's the one that broke the Story not having specifics shortly after This very shortly after this specifics Did come out which made it very clear That Ripple was not hacked and then he Updated that but he says so far stolen Funds have been laundered through uh Mexi gate binance Kraken okx htx hitbtc Etc and then he shared a bunch of Addresses uh that uh the the money well Money xrp had been sent through uh Chris Lson responded pretty quickly just a Half hour later 8:36 a.m. Central Time And wrote 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 and so that doesn't give you a Ton of specifics you know was uh was any Xrp successfully sold was it not I I Speculate that at least some of it was Although I doubt all of it uh and more On that in just a second but first I Want to note just look at um the price Action here for xrp it's it's currently At 51 cents um we can note that when the News broke 8:05 a.m. The price of xrp was 50.7 it did drop to
49.8 cents very quickly and very briefly Rebounded super fast and uh here you can See at 830 well the closest I is 835 on Livecoin watch it's back up to 50.6 Cents and it kind of moves sideways a Little down little up and it's up since Then uh now up at 50 uh's well at the Top you see 51.1 cents so the Market's Already over it it seems Um let me get back to and then there was Also this from Thomas silk jar he is the Head of analytics and compliance at The Xrp Ledger foundation and he had Additional information to share on this So he was he was well where this pretty Much from the get-go so we reposted what Uh Chris lson Ripple co-founder shared And wrote The Following we received a Tip yesterday from at whitebit of ser I'm sorry suspicious deposit Which led to unraveling a huge network Of accounts involved in this case we Alerted Chris as soon as we realized What was going on and have worked Tirelessly for the past 18 plus hours Collaborating with our good um our good Friends at gate Hub sharing data with Exchanges involved in the matter sharing Data uh with Chris and his team and Collecting information for further Processing and investigation by Chris's Team and law enforcement at this moment I can't share more details I can however Reiterate as usual that some exchanges
Are much more responsive than others Thanks for the collaboration so wording It like that um some exchange is more Responsive than others uh well again Since we know that some accounts were Frozen on specific exchanges and the way He worded it like that makes you think Yeah perhaps some weren't Frozen so Quickly and perhaps some xrp was sold Which I speculate is the case um so I Shared the following this morning um What time did I get there uh let's see What time this was it was 9:28 a.m. Central Time uh I reposted what Chris Larsson shared and wrote The Following Ripple co-founder Chris larsson's xrp Was stolen via unauthorized access to His accounts apparently 213 million xrp Was stolen exchanges fro affected Addresses but it's not clear if the Thief was able to sell any xrp before The freeze was implemented um although So technically we don't know although it Looks like it so you you can see the Accounts were drained because I mean This is a public blockchain but then Once the xrp is is on an exchange Especially if the xrp is now in a shared Account you can't really see exactly What happens was it sold where you know Where account's Frozen quickly enough so Technically we don't know but I would be Shocked if a big old chunk of this Wasn't sold I would be very shocked if
Some of it wasn't um somebody responded To me and wrote this explains the dip in Xrp although the market was green and Here was my response I I wrote I doubt It many coins were down to a similar Degree yesterday with some top 50 coins Bleeding much worse than xrp and folks This is the case and I I I talked about This yesterday so let me let me share With you some thoughts on this you know If if all of the 213 million xrp were Successfully sold on exchanges yesterday That would account for roughly 6% of Global volume over a 24-hour Period but we we don't know If all of it was sold so for example you Know if for example if half was sold That would be you know that would Account for only you know 3% of of Global volume and and by the way you Know you're talking about again a dollar Value of just call roughly $113 Million well the global volume for xrp At just about any given point within the Last 24 hours was closer to 1.7 Billion so say half say say they were Fortunate enough to to sell half of it You're talking about you know 50 Something million dollar worth of xrp Sold over a span of who knows how many Hours against the backdrop of a 24-hour Volume of $1.7 billion that's a drop in The bucket isn't it you know and I mean It just it doesn't seem like a a
Particularly large percentage of global Volume although you hear obviously 213 Million xtrap like whoa that's a big ass Number I get it I get it but you know And and also consider like you know you Got to note many exchanges limit how Much xrp can be sold on a given day so You know it would be it would depend on The policies of of various exchanges as Far as how much they could unload anyway But of course you would assume that they Kind of planned this out ahead of time And thought of that um but uh look Either way it's it's very clear that the Vast majority of the xrp price move Yesterday was caused by speculators on a Global scale you know it's it's hard to Believe that this could exp explain uh You know the sell off that we saw Yesterday but if anyone can prove that's The case that this is the reason for it I'm absolutely willing to listen and Would adjust my opinion accordingly a You of compelling evidence I'm just Saying at this very early stage having Thought through it and knowing the Numbers that I know at least to this Point in time I just find it a bit hard To believe that this would have been the Reason uh for the move and uh and also Remember that most of the top 50 coins And probably the whole Market were down Yesterday with many of them many coins Down to a simar degree to xrp and they
There were there were no reported Hackings for these other coins right Yesterday and and some some coins were Down worse in xrp at the same time as I Reported in a video yesterday so it Looks like this is just a market-wide Move and it happened to be a down day Some days are down some days are up and The hack happened on a day where it was Down but still this is a drop in the Bucket in terms of of global xrp volume And also consider this so I reported in A video also that uh there there was a False news of Ripple you know dumping on The market and this and that uh and I Did report that in a video yesterday and I stand by that OB well obviously now we Know it was Chris lson but even if You're looking at uh these these bigger Numbers understand that when Ripple Sells xrp they're not selling it on Exchanges folks that's not how this Works they sell it OTC over the counter That means that there are arrangements Made behind the scenes that we are not Privy to we are not aware of Ripple can Sell however much xrp they want to a Private party one of their clients and You know you can see a transfer on chain If you know where to look but we aren't Privy to that either but it would so There would be a record of it those all I'm saying and then that xrp now is held By one of their clients whatever that
Quantity is and it doesn't mean it's all Dumped on the market right away anyway Like they could start to sell a little Bit they could use it for UND demand Liquidity purposes because that's why Ripple is selling xrp now so that would Be more likely so there would be you Know an equivalent buying and selling in The market so I don't think that would Cause a drop I'm just noting that you Know any big transactions like this like Ripple they go out of their way to make Sure that the market isn't hit in one Big go by any transactions which is why I was noting since Ripple sells OTC There was about a 0% chance that uh that That would have been the cause for the Price dip yesterday and I absolutely Stand by that of course that's the case Ripple did not have anything to do it They would never into sell knowingly Like they would never sell enough on the And again they don't they don't sell the Exchanges anyway but they wouldn't do Something like that that would impact The market but even if it were this Quantity I'm still skeptical that it Would have moved the market to this Degree because it's such a small amount Against the backdrop it's just like a Drop in an ocean when you when you look At the V I'm not kidding here I'll pull It up on screen like look at any point Yesterday like here I'm just randomly
Picking points like here's because and The volume did Spike up especially in The evening last night but look at what We're talking about here like 1.6 1.7 Billion in volume and it was pretty well Sustained are you going to tell me that A 50 to 100 Mill million dollar hack Roughly um it's resulted in 1.7 billion In global volume over a 24-hour period Sustained I'm not buying that folks I Just that to me that doesn't make sense Now if I'm missing something and I could Be it's early hours here you know in Terms of this news breaking let me know And if I'm wrong I will adjust my Opinion because when I'm presented with New facts that's how it works I'm not Going to be stubborn because I don't Want to admit I'm wrong if I'm wrong I'm Wrong I'm just telling you how it looks To me at this particular moment in time And I'm just not seeing It um then there was this somebody named Nakamoto notes wrote to me and said so My my question is this if this guy who Basically invented xrp wasn't able to Keep it safe how on Earth should you and I keep our xrp safe asking for a friend And I responded with the following That's a reasonable question but I don't Know how his accounts were compromised So it's hard to say fishing theft of Keys somehow I don't know now I hope That that information comes out in the
Future I'm not so confident that it will I have a feeling that Chris Larson is Going to keep going to want to keep the Details of this as private as possible But uh I would like to know I'm very Super curious how this could possibly Happen is somebody managing custody for Him or is he doing it himself I what What is even happening here I Just I mean if he fell for something It's just like I hope he's not also Falling for those Brad Garland house xrp Giveaways I'm kidding I'm kidding Um we got this here from puff puff he Wrote to me and said y'all be accepting Anything without asking Questions uh I don't know about that Buddy uh I think everybody's asking a Ton of questions but here's what I said In response just reporting the news if Chris Larson wanted to sell at a low Price he wouldn't need to lie about it He'd just do it probably uh say nothing As as was the case when he sold large Quantities in the past yeah exactly so Chris Larson has sold a ton of xrp large Quantities um in the Past and he's he had no reason to talk About It this is different because it was Clearly actual fraud but uh but the Great thing about a public Ledger is you Can like you can actually see the Transactions here and so puff puff
Responded to me and said Lambo or sedan Not sure okay I don't know what the hell That even means he says we're not Talking about buying or selling but Let's ask the questions even when things Seem to make perfect sense let's not law Ripple exec so much that we do not ask Basic questions we are not a the look You're starting to get the way that the Tone of that message sounds like you're Getting a little bit too far into Conspiracy theory land for me uh you Know the most Likely explanation for this is probably The true one and so there are some People that are wired in such a way that Even when they're presented with what Sounds like totally plausible Explanation for or something they go to The most wild explanations that's the Hardest to believe and that makes sense To those people uh just to be clear here Since this is a public blockchain you Actually can go in track all of this Which somebody did and I'll just like I'll show you that in a second here um There's nothing to indicate that this is Some sort of secret conspiracy or Ripple Did this or anything of the sort I don't Know what puff puff is thinking here but It's a public blockchain there's no Reason to think that Chris Larson is Lying present evidence Otherwise you're just getting into
Conspiracy theory land for the sake of It and I do not like conspiracy the so Because my my brain works in a logical Fashion I'm I'm more skeptical my brain Works in such a way that I am highly Skeptical of the wild ideas that people Throw out the people that are more prone To believe conspiracy theories my brain Don't work like that they're they want To jump to that stuff my brain's like Whoa whoa whoa whoa whoa whoa where's The evidence first because almost every Conspiracy theory that's ever been Posited is not true it is horse garbage I won't curse here but that's just the Nature of things then a small percentage Of them you come to find out that They're true but it's almost 0% because People come up with a lot of crazy ideas So present information and then I'll say Okay but that's not where we are right Now and then there was this from ex jino X wrote to me and said I am very Disappointed in you Ripple to which I Responded this has nothing to do with Ripple so there's no reason to be Disappointed in Ripple that I can see Not at this point in time with the news Available to me at this particular Moment I don't see why there was this Post from xrp Community member Mr Huber He shared this screen grab and wrote um The theft was activated by Ripple itself Yesterday and so here you can see an
Account with a fraud alert on it on bitm Activated by Ripple and then there's the Date now just because it says Ripple it Doesn't literally mean necessarily that It was Ripple though I I don't I can't Say for sure why it is listed as Ripple But let's try and explain this as best We can at this point in time um vet Responded and vet is a a um xrpl Validator and wrote to Mr Huber and said The account got compromised and the Thief activated new accounts from the Compromised account to slip through Alerts and screenings of exchanges in The hope they don't track or don't Screen ancestry to cover the original Source also known as the compromised Account yeah and so you see since it Came to arrive from that account uh it Looks you you would be more likely to Believe that it was from the person that Has the original account the originating Account and as a result was hoping that Since it was connected in such a way That it wouldn't trigger some sort of Red Flag and instead of having a standalone Account completely separate so that's Why now as far as why Chris Larson's Account listed as Ripple I mean this Could have dated back to who knows when Um so unless they have some sort of Weird custody Arrangement where Ripple's Actually managing Chris larsson's
Personal xrp which that would be an Interesting story if that were the case I'm not saying that happened but um I Don't know what the reason is for it Being listed the way that it is just you Know this is where we're at at this Point in time Mr he responded so the Ripple Wallet account was hacked Question mark and vet responded it's Actually Chris Larson's account uh Checking the ancestry and of course his Own tweet and then he shared this you Can see it is originating back to uh to Chris Larson um then there was also this from Whale wire I think made a good point Here because all sorts of uh Bitcoin Maxis are having a fun time with this Well wire wrote The Following for Clarification on the xrp hack story that Is currently circulating it's clear that Xrp was not hacked nor is that possible Lots of fake news going around what Happened was someone had gained access To co-founder Chris larsson's personal Wallets yesterday but thankfully they Noticed it quick enough in law Enforcement working alongside crypto Exchanges have already Frozen all of the Stolen funds you can see how quickly the Maxi media tries to spend this story to Bash on on xrp it's like if Michael Sailor had his private Keys compromised And then headlines reading Bitcoin was
Just hacked okay that is a good point And that is what's happening look at Bitcoinist.com they know better it's Been hours now since the news broke they Should know they should not have that Damn headline up but what are they doing They're just keeping it up there and They'll Pro they probably won't update It because their Bitcoin is.com and they Don't give a damn anything that makes Xrp look worse that's what they're going For so we'll talk more about if more News breaks on this but that's the Latest again um it's very early hours on This stuff so more news could come out Specifics could could change which would Could make uh any number of things that I cited in this video wrong or Irrelevant to whatever degree uh but I'm Just trying to get the news out quickly And this is what's known publicly at This point in time I'm just operating in Good faith uh if anything materially Changes for sure I will be talking about It in a future video though but I'll Wrap up for now I'm not a financial Adviser you should not buy or 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
