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  • šŸ¤µā€ā™‚ļø Ripple Chairman loses 213M XRP Tokens

šŸ¤µā€ā™‚ļø Ripple Chairman loses 213M XRP Tokens

Plus: German authorities seize $2B in Bitcoin while Binance calls out SkyArk Studios

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Est. read time: 4 minutes

We got the hacks, the scams, the falsehoodsā€¦ thatā€™s right, Itā€™s FUD February!

Letā€™s digest:  

1. Ripple Chairman Chris Larsen Hacked for 213M XRP Tokens

2. German Authorities Seize Over $2B in Bitcoin

3. Binance Calls Out Sky Chronicles

šŸ“ˆ MARKETS

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Market Flash

šŸ“° TODAYā€™S TOP STORY

Ripple Chairman Chris Larsen Hacked for 213M XRP Tokens

Chris Larsen

Chris Larsen, co-founder and executive chairman of Ripple, reported unauthorized access to his personal XRP accounts.

The incident was luckily confined to Larsen's accounts and didnā€™t affect Rippleā€™s company holdings of XRP

  • ZachXBT indicates that the hackers took 213 million XRP, valued at around $112.5 million at the time of the event.

  • The perpetrators reportedly attempted to launder the stolen XRP through at least six different exchanges.

  • Larsen confirmed that the addresses were frozen and already had law enforcement involved in the case.

Larsen and Ripple have yet to confirm how the hackers accessed the funds in the first placeā€¦

Following the news of the attack, Rippleā€™s price dropped by roughly 5%, but impressively recovered to $0.51 - higher than its price of $0.50 just before the hack.

Graph from CoinMarketCap

User Funds are SAFU

This incident, involving personal accounts and not Rippleā€™s corporate assets, assures that XRP-holder funds remain secure.

However, it stands as one of the most significant cryptocurrency-related hacks in 2024ā€¦ Letā€™s hope it stays that way.

Go Deeper: Ripple recently won part of their case against the SEC and was deemed NOT an unregistered security

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 šŸŸ  Bitcoin

German Authorities Seize Over $2 Billion in Bitcoin

Movie2k Seized for $2B in Bitcoin

German police just made a blockbuster move, snagging a jaw-dropping 50,000 Bitcoins. Thatā€™s a cool $2.1 billion, making it the largest Bitcoin seizure in the countryā€™s historyā€¦

  • The operation targeted an illegal piracy website known as movie2k and had tens of thousands of movies that could be illegally downloaded.

  • Two suspects made $2B through their profits from the site and then converted everything to Bitcoin.

  • One of the suspects has voluntarily transferred the Bitcoins into a wallet now under the control of the German federal police.

The one that willfully transferred the funds to the police was released from jail because he didnā€™t pose a ā€œflight riskā€

The investigation is still ongoing, and no charges have been made at this timeā€¦

Satoshi Nakamoto would be proud šŸ«” 

šŸ¦ ETF

Binance Not Happy With SkyArk Chronicles

Binance Calls out SkyArk Chronicles

SkyArk Chronicles, an anime-style fantasy game developed by SkyArk Studio, recently minted an NFT collection, raking in $115 million in ETH.

The game tells a fictional story of a hero named Satoshi Nakamoto... which actually has nothing to do with the Bitcoin founder.

However, Binance Labs, the VC arm of the Binance exchange, is saying that their investment into the studio was kindaā€¦ overstated

  • SkyArk Studio had folks believing Binance Labs led their $15 million funding round right before this massive NFT sale.

  • Binance Labs revealed that their actual investment occurred in 2021, not in connection with the recent funding or NFT mint.

  • They claim SkyArk Studio bent the truth, showing off the Binance Labs brand without asking first.

  • Instead, Binance Labs' involvement was part of their incubation program in 2021.

In response to the misrepresentation, SkyArk Studio issued an apology and acknowledged the importance of Binance Labs' early investment.

Kelvin Chua, co-founder of the studio, chimed in, thanking Binance Labs and saying sorry for any confusion caused.

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