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Hello this is Matt on the moon Lambo Channel I have an update for you Regarding the hack yesterday of Ripple Co-founder Chris Larson's xrp I'm Assuming by now the vast majority of you Have heard that Chris Larson's xrp was Stolen 213 million of his xrp Specifically uh stolen via some sort of Hack uh it's not clear exactly what Happened what resulted in this I hope we Find out at some point in the future uh But that was worth at the time somewhere Around it was estimated 112 .5 Mill ion dollar so not exactly a Small amount of money now of course as Frustrating and terrible as that as that Is uh he's still not going to be in the PO house that's good because uh he is a Billionaire so there's that uh still if I were him I'd be incredibly upset over This uh I mean it doesn't feel good to Be stolen from I don't care how wealthy You are how poor you are it doesn't feel Good to be stolen from uh but there's a Tiny smidge of good news millions of the Hacked xrp funds Have been recovered I'll share with you The specifics of this but it does seem To me even though the official numbers Aren't out and I don't know to what Degree that's going to be uh made public And it might be kind of hard to figure Out even just based on what's publicly Available uh via The xrp Ledger which of
Course is a public blockchain uh it Seems to me that what is most probable And it's it's I can't say this for Certain but it seems to me what's most Probable perhaps is that most of the xrp Some to some degree a majority of the Xrp Uh was ultimately successfully sold and If if not quite the majority still a Substantial portion because well you'll See in a second some of it was recovered And um and was ultimately Frozen by one One Exchange in particular who was vocal About it publicly but uh 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 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 and so here's a headline From you today stolen xrp tokens Frozen By binance what's next in response to a Recent security exploit involving Ripple Co-founder Chris Larson binance one of The world's leading cryptocurrency Exchanges has FR Frozen stolen xrp Tokens valued at around $4.2 Million you know I just that's actually Funny enough brings me back to 2017 when Exchanges would freeze xrp just like They could freeze any any cryptocurrency
That's in their possession whether it's Bitcoin or E whatever and I remember When this there was a particular Instance and I can't remember all the Specifics But a big chunk of xrp was frozen and The toxic Bitcoin Maxi trolls were Either uh just idiots and ill-informed Or intentionally misleading their large Followers a large number of followers by Saying see xrp is frozen you can freeze It it centralizes it's like no you Idiots it's a centralized exchange with The wallet they hold freezing it so it's They in charge ever heard not your keys Not your crypto it applies to bitcoin You Idiots I remember that happening here so Anyway this was just binance freezing it That way uh the illegal hacker or Hackers uh you know the nefarious Hackers breaking the law they they could Not do anything to uh to to profit from That and then ultimately as a result This would get back to him so um I don't Need to read the rest of the article I'm Just going to go straight to the source Here's a post from Richard Tang this is The new CEO of binance the world's Largest cryptocurrency exchange by Volume and here's what he said this Morning February 1st after finding out Early on about the exploit that occurred At Ripple we're happy to say that the
Binance team has managed to freeze $4.2 Million worth of xrp stolen by the Exploiter I just got to pause here to Say I was surprised that the CEO of Binance made that boo boo Ripple it's The next day son Ripple was not Ripple's Xrp was not stolen there was no no hack Having to do with any of Ripple's Holdings whatsoever and he said this and Uh this this post has been seen 185,000 Times it's one of the reasons I want to Highlight this uh that was ultimately Corrected but my God like how does he not how did he not Know that before posting this I'm just Astonished like very early on it was Known that this was not the Case I mean I knew within the first Couple hours I mean I'm I'm pretty sure Unless my memory is seriously lapsing Here when I posted a video yesterday it Was about I think two hours or so after The news first broke I I'm almost 100% Sure even in that video I knew that it Was just Chris Larsson's and this is the next day so Anyway is what it is he continues we Appreciate both the community's efforts And flagging it to exchanges as always At Zack xbt did a great job and the Ripple teams work in collaborating with Us I just got to pause here to State at Zack xbt is the one that initially Publicly reported this which is the
Reason that the story broke and the Price of xrp on a global scale dipped Temporarily And uh as it turns out some people are Not so happy with him more on that in Just a second anyway binance CEO Richard Tang continues we will continue to Support Ripple in their investigations And their efforts to retrieve back the Funds including closely monitoring the Majority of funds still in the exploders External wallets in case they deposit to Binance I got to pause there again I Have so much comment I can't help it I'm Sitting here thinking you're telling the Exploiter your strategy you're telling You're aware is that good is that I mean You could just say some of the stuff you Need that part I mean fine I admit at This point you already froze it there's Almost a 0% chance that the uh the the Exploiter as you call them here would Send the uh the xrp to the Frozen wallet Uh I get that I I understand that but You're not helping the situation by Saying that publicly might they be Watching might they these probably not Stupid people they're just really bad People you know or are just a single Person who knows anyway and then he Wrapped up by staying our team is firmly Dedicated to supporting a safe Ecosystem so we always encourage Projects and users to reach out to us in
Instances like this okay and so you know Here here is the response to that by Thomas silgar now Thomas silgar is the Head of analytics in compliance at The Xrp Ledger Foundation he knows since Death and he responded to binance CEO Richard tank with the following thank You for acting quickly and responsibly This tweet is a bit ambiguous number one The compromised accounts are personal Accounts of Chris lson not an exploit at Ripple number two the initial Investigation was done by The xrp Ledger Foundation and initiated as it was Happening not carelessly published on Social media the day after like Zack xbt And so I read that and I was like oh Okay so uh xrp Ledger Foundation was Actually moving on this first they were Doing it in stealth mode so as to Apparently per perhaps anyway not alert The perpetrator and then Zack xbt comes Out causes a stir on a global scale his Post was seen like 2.2 million times at This point uh and uh and so that's why Thomas silair here is saying uh we Didn't carelessly publish it on social Media like at Zack xbt did interesting Take there so not so happy about that he Seems and then number three Ripple is Now leading the investigation for Chris After we did a complete Handover of data And so here you can see the original Post in case you missed it from Zack xbt
This was at 8:05 a.m. this is what set This all off this is the moment xrp Price started crashing seen 2.2 million Times you can see where I'm circling my Mouse if you're looking at the screen That's it and he wrote it appears Ripple Was hacked for 213 million xrp so I do Want to say a couple things on this it Was early days and um in my video where I reported on this I was giving people a Hard time if they were intentionally Misleading and for good reason like if You were saying xrp itself could be Hacked um and not that I even have a Problem with people saying there was an Xrp hack just like when Bitcoin gets Hacked on an exchange we call it a Bitcoin hack and then people understand That doesn't mean that you're saying That Bitcoin blockchain was being hacked But if but I'm against anybody that was Intentionally misleading in that Direction that's what I was pushing back Against but you know I mean pretty much All of us it's just colloquial like how We speak right when I remember when Ethereum has been hacked at various Times over the years well we called it An ethereum hack it doesn't mean the Blockchain was well same here and so Some people are flipping out and getting Mad at people saying there's been an xrp Hack uh I just respectfully do just Disagree I just I don't share that
Perspective I think that you most people Understand if somebody's saying it's an Xrp act it means that there's xrp in a Wallet or wallets and it was stolen Right it was there was a hack that Happened and it was stolen I think that We all just understand that so whether It's a Bitcoin hack or an eth hack or an Exerp hack I do think we know that That's just how I feel about it but Here's the thing uh Zack xbt he did Think that and for actually there's a Legit reason for this he did think that Ripple the company was actually Hacked um but once it was clear that Chris Larson was the one that was hacked And it wasn't Ripple and here you can See on the screen here uh Chris L here I'll just make it big I don't need to Read this I read it yesterday but this Is Chris Larson saying yeah it was just My funds Ripple wasn't hacked um that Post was shared by sack xbt but all he Wrote was the following update Confirmation of the hack via Chris Larsson Ripple co-founder and executive Chairman uh no that's not confirmation Of the Ripple hack as you reported it's Confirmation of something different Which was a hack of Chris lson and so he Never did clear that up that's the only Part that bothers me about Zack xbt That's the part right there because he You know once it was clear yeah he
Reposted what Chris Larson shared but he Didn't say oops got this one part wrong And it's kind of important now why did He get it wrong well he ended up Explaining this uh this was a post from 6:30 6 p.m. last night he said the Ripple attribution for the RJ nlz 3A Account was tagged in xrp scan and bitm Xrp block explorers as the entity Ripple Funny how the community note leaves out That Chris Larson is the Ripple Co-founder and executive chairman and so What he's talking about is he hopped on An xrp block explore he's talking about Bitop xrp scan and the the account that He looked up that was hacked and he is Right about this it was labeled as Ripple that's why when he reported that It appears Ripple was hacked he even say We're sure he said it appears I was like Okay that's fair because it's attributed To Ripple I can get why he'd say that He's just it looked to me like he was Operating good faith it's trying to Share the information the only part Where I'm like ah come on don't be Squirrly here is when after it was found Out that it was actually Chris larsson's Not Ripple even though it was labeled as Ripple and it really was like here I can Pull this up for a full screen here you Can see it's it's labeled as as Ripple Um I just again I just wish that he Would have said that up front and so he
Got community noted on um on on social Media platform X and it says Ripple Wasn't hacked yesterday unauthorized Access to Chris larsson's personal xrp Accounts occurred distinct from Ripple Exchanges in law enforcement have been Notified Ripple wallets remain secure no Ripple managed wallets compromised and I Honestly I would say the community note Is is fair because the correction was Needed Zack xbt didn't provide it so Fair enough I'm like that's right even If Zack xbt is operating in good faith He still was wrong and he didn't correct His own mistake so there you go Um and then um there's also this uh After Thomas silj with xrp Ledger Foundation uh provided those notes that I just shared with you a few minutes ago Uh binance CEO Richard Tang responded And said appreciate Thomas silk Jar's Notes on wording to clarify these were Chris larsson's personal wallets that Were exploited and an extra shout out to Xrp Ledger foundation for all their Great work on this case case as well so That's good to see I'm glad that he Acknowledged it I'm surprised that he Was sloppy enough as the CEO of binance To not know that it wasn't Ripple and it Was just Chris Larson but it is what it Is um and then I wrote this uh this Evening 6:53 p.m. central Time I posted The fact that Chris larsson's xrp
Accounts were compromised and thieves Stole from him in no way means that the Xrp Ripple owns and holds is not secure I don't understand how some people's Brains compute it in such a way to Believe the two are linked it's Ridiculous folks think about this I Don't care who the Ripple employee or Board member or executive is that gets Hacked I mean I care that they get Hacked I don't want that to happen what I mean is it doesn't matter who it is That gets hacked at the company Ripple And they lose their xrp that in no way Is representative of how the company Ripple manages its own xrp Holdings Including what is an escrow a single Human a giant company a single human a Giant company do you see the difference I just how do the brains compute like This it just doesn't make a damn bit of Sense and so people like oh I don't have The conf I mean gosh if if Chris Larson Can't keep his extra PE save how's Ripple going to PE and car peace and Carot that's what it sounds like to Me those are the voices that's what I Imagine every p and I think that's what They sound like it's just silly it Doesn't make any damn sense and so then I wrote that said I can't help but Wonder how the heck Chris Larson xrp Accounts were compromised I don't know If he'll ever share the that information
Publicly but I don't blame people for Being curious I hope he shares the Information as it could help others from Falling victim to the same type of Exploit I also hope he's able to Retrieve the stolen funds and that law Enforcement brings those responsible to Justice and so hopefully we'll find out More in the future if we do I'll of Course I'll report it on this channel But now at least we know that there's $4.2 Million worth of xrp which at 50 Cents means there's somewhere in the Neighborhood of 2.1 million Xrp out of again 213 million xrp now of Course that doesn't mean that more won't Be uh be gotten of course I mean first Of all through legal efforts law Enforcement could find out who it is Potentially we'll see then you can get a Ton of it back if not all of it Maybe and then outside of that Understand that the xrp went to a ton of Other exchanges and then a like looks Like a ton of it was transferred into Other coins even if it was frozen and I Wasn't able to get the exchange it's Like it was Sold so is what it is we'll see what Happens but that's the latest update That's what I got for you I'm not a Financial adviser you should not buy Yourself anything because of anything I Say or right that would be a very very
Very bad idea until next time to the Moon Lambo
