Latest news with #ZachXBT
Yahoo
4 hours ago
- Business
- Yahoo
XRP Drops 14% After $175M Moved to Exchange by Ripple Co-Founder's Wallet
XRP slipped from last-week's record high as a wallet attributed to Ripple co-founder Chris Larsen made a number of large transactions. Between July 17 and July 24, the wallet transferred 50 million XRP, worth approximately $175 million. Some $140 million of that was directed to centralized exchanges, according to blockchain analyst ZachXBT. Transferring tokens to an exchange is widely interpreted as an intention to liquidate holdings for stablecoins or other tokens because large amounts are usually not stored on exchanges for a long time. The transactions occurred shortly after XRP touched a record $3.64 before pulling back to around $3. Neither Larsen nor Ripple has commented on the matter publicly. 'Wallets linked to Chris Larsen still hold over 2.81 billion XRP (worth $8.4 billion),' ZachXBT noted. That represents about 4.6% of XRP's total market cap. XRP is down over 14% in the past week, with the bulk of the losses coming from a liquidation cascade on Thursday that wiped out over $105 million in XRP long positions, the second-largest altcoin liquidation during a $735 million crypto market crash. The liquidations came as XRP dropped as much as10%, testing support in the $3.06–$3.10 zone before price stabilized near $3.08. Despite the price drop, traders and analysts are targeting the $6 mark in the medium term, as CoinDesk reported earlier this week.
Yahoo
4 hours ago
- Business
- Yahoo
XRP Drops 14% After $175M Moved to Exchange by Ripple Co-Founder's Wallet
XRP slipped from last-week's record high as a wallet attributed to Ripple co-founder Chris Larsen made a number of large transactions. Between July 17 and July 24, the wallet transferred 50 million XRP, worth approximately $175 million. Some $140 million of that was directed to centralized exchanges, according to blockchain analyst ZachXBT. Transferring tokens to an exchange is widely interpreted as an intention to liquidate holdings for stablecoins or other tokens because large amounts are usually not stored on exchanges for a long time. The transactions occurred shortly after XRP touched a record $3.64 before pulling back to around $3. Neither Larsen nor Ripple has commented on the matter publicly. 'Wallets linked to Chris Larsen still hold over 2.81 billion XRP (worth $8.4 billion),' ZachXBT noted. That represents about 4.6% of XRP's total market cap. XRP is down over 14% in the past week, with the bulk of the losses coming from a liquidation cascade on Thursday that wiped out over $105 million in XRP long positions, the second-largest altcoin liquidation during a $735 million crypto market crash. The liquidations came as XRP dropped as much as10%, testing support in the $3.06–$3.10 zone before price stabilized near $3.08. Despite the price drop, traders and analysts are targeting the $6 mark in the medium term, as CoinDesk reported earlier this week. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
3 days ago
- Business
- Yahoo
Indian crypto exchange CoinDCX confirms $44M stolen during hack
India's largest crypto exchange CoinDCX has confirmed that one of its internal operational accounts was compromised in a recent security breach, allowing the hackers to make off with millions in crypto. On Saturday, CoinDCX co-founder and CEO Sumit Gupta disclosed in a post on X that an internal account 'used only for liquidity provisioning on a partner exchange' was compromised during the hack. The executive assured that the incident did not affect customer funds and that all its customer assets remain secure. Earlier in the day, crypto security researcher ZachXBT reported that around $44.2 million was drained from CoinDCX's coffers due to the incident. 'The attacker address was funded with 1ETH [Ethereum] Tornado Cash and later bridged a portion of the stolen funds from Solana to Ethereum,' the researcher posted on their Telegram channel. CoinDCX confirmed the loss amount to TechCrunch, stating that the funds were routed through Solana-Ethereum bridges and consolidated into 4,443 Ethereum and 155,830 Solana, which currently remain dormant. The crypto exchange also noted that it is working with India's Computer Emergency Response Team, CERT-In, and partner exchanges to investigate the matter. The Indian crypto exchange, registered with the government's Financial Intelligence Unit, boasts over 16 million users and offers access to more than 500 crypto assets. 'The incident was quickly contained by isolating the affected operational account,' said Gupta in an X post. 'Since our operational accounts are segregated from customer wallets, the exposure is only limited to this specific account and is being fully absorbed by us — from our own treasury reserves.' Gupta noted that the company was working with the exchange partner to block and recover assets. 'I understand incidents like this can be unsettling — even when customer assets are unaffected,' he said. The exchange also launched a 'recovery bounty' program on Monday to award up to 25% of any recovered funds to anyone who can help trace and retrieve the stolen crypto. 'More than recovering the stolen funds, what is important for us is to identify and catch the attackers, because such things shouldn't happen again, not with us, not with anyone in the industry,' said Gupta. News of the breach comes almost exactly a year since the massive breach at Indian crypto exchange giant WazirX, which resulted in the loss of $230 million — nearly half its reserves. The exchange halted trading after the loss. It remains unclear, however, whether there are any connections between the two incidents.
India.com
3 days ago
- Business
- India.com
Rs 1900000000000 lost in a year due to…., loss suffered by many including…
Indian cryptocurrency exchange CoinDCX has reported a security breach that led to the theft of $44.2 million (around Rs 378 crore). However, the company's founders took to X to reassure users that customer funds remain safe and unaffected, clarifying that the breach was limited to an internal operational account. CoinDCX Hit By USD 44.2 mn Security Breach The total exposure is being absorbed entirely by CoinDCX, using the company's treasury reserves, the company said in a First Incident Report released on Sunday. According to the report, on July 19, at 4 AM IST, CoinDCX security systems detected an incident involving unauthorised access to one of its accounts on the partner exchange, leading to a financial exposure of about USD 44 million. The incident once again puts the spotlight on mounting security threats in the highly volatile world of cryptocurrencies. Last year, crypto exchange WazirX faced a hack in India, leading to the loss of more than USD 230 million, and marking one of the biggest such heists in India. The theft had prompted a thorough examination of safety measures and eroded sentiments. CoinDCX On Attack CoinDCX co-founders Sumit Gupta and Neeraj Khandelwal took to the social media platform X to address the situation, confirming that the attack was the result of a sophisticated server breach, targeting an internal wallet, not the ones holding customer assets. The incident was first flagged by blockchain investigator ZachXBT, following which the exchange made the disclosure public. 'Today, one of our internal operational accounts — used only for liquidity provisioning on a partner exchange — was compromised due to a sophisticated server breach. I confirm that the CoinDCX wallets used to store customer assets are not impacted and are completely safe. This won't cause any loss to our customers. CoinDCX will be bearing the full amount,' Gupta said. 'The total amount lost was USD 44Mn out of our treasury assets. Coindcx Treasury will be bearing these losses,' Khandelwal wrote. Affected infrastructure has been completely isolated, and CoinDCX operations continue to run normally, the company said. Risk In Crypto Currency Investment Crypto thefts in 2025 had already crossed USD 2.17 billion before last week's USD 44 million CoinDCX hack, underlining relentless cyber threat escalation in the digital currency world, according to the latest data. Blockchain analytics platform Chainalysis' 2025 crypto crime mid-year update says that over USD 2.17 billion was stolen from cryptocurrency services so far in 2025, and 'this year is more devastating than the entirety of 2024'. By the end of June 2025, 17 per cent more value had been stolen year-to-date (YTD) than in 2022, previously the worst year on record. The USD 1.5 billion hack of ByBit, the largest single hack in crypto history, accounts for the majority of service losses. So far in 2025, significant concentrations of stolen fund victims have emerged in the US, Germany, Russia, Canada, Japan, Indonesia, and South Korea, it said. 'Regionally, Eastern Europe, MENA, and CSAO (Central and Southern Asia and Oceania) saw the most rapid H1 2024 to H1 2025 growth in victim totals,' it said. (With Inputs From PTI)
India.com
3 days ago
- Business
- India.com
Rs 3780000000 loss: Major security breach hits Indian crypto exchange CoinDCX, here's what exactly happened?
Rs 3780000000 loss: Major security breach hits Indian crypto exchange CoinDCX, here's what exactly happened? A major security breach was reported at Indian cryptocurrency exchange CoinDCX in recent days. Because of the security breach**,** the company lost approximately Rs 378 crore (USD 44.2 million). As per reports, the incident took place on July 19 at around 4 am. Someone made unauthorised access to an internal operational account on a partner exchange. However, CoinDCX has assured its users that the security breach will not affect their funds and they will remain secure. CoinDCX Filed An FIR According to the FIR, the Indian cryptocurrency exchange stated that it is covering the entire financial loss using its own treasury funds, so customers won't be affected. Co-founders Sumit Gupta and Neeraj Khandelwal took to X and attributed the major security breach to 'sophisticated server attack' that attacked the internal wallet whish is used by the company for liquidity provisioning. 'Today, one of our internal operational accounts – used only for liquidity provisioning on a partner exchange – was compromised due to a sophisticated server breach. I confirm that the CoinDCX wallets used to store customer assets are not impacted and are completely safe. This won't cause any loss to our customers. CoinDCX will be bearing the full amount,' Gupta wrote in the post. 'The total amount lost was Rs378 crore ($44 million) out of our treasury assets. CoinDCX Treasury will be bearing these losses,' Khandelwal posted. Who Detected The Security Breach? The security breach was first detected by blockchain investigator ZachXBT, following which CoinDCX made the announcement. A 17-hour delay in publicly disclosing the incident has drawn online criticism, despite widespread praise for the company's efforts to safeguard user funds. Withdrawal Requests Overwhelmed CoinDCX's Systems As soon as the security breach news came out, users overwhelmed the CoinDCX's systems with withdrawal requests, leading to its portfolio APIs becoming temporarily unresponsive. The API is responsible for displaying balances and transaction histories, but due to the unresponsiveness, several users were stuck and were unable to view their holdings. Following a security breach, CoinDCX fired leading cybersecurity firms and reported the incident to India's CERT-In. A full investigation is underway, and the company plans to release its findings. This incident comes after a significant 2024 hack of WazirX, resulting in India's largest cryptocurrency exchange theft to date, exceeding Rs1,965 crore (USD 230 million).
