The XRP Crypto News Just Got Worse…

We Now understand the actual reason why The xrp price continues to dip while the Rest of the market is in the green xrp Being the sixth largest crypto by market Cap its use case crossborder payments For the banks the news today just Uncovered a few hours ago by onchain Sluth Zack xbt it appears Ripple was Hacked for around 213 million xrp or Over $112 million he lists the public Address and then says so far the stolen Funds have been laundered through Different centralized exchanges mexc Gate.io binance caken Etc so the hacker Is actively selling millions of xrp on The open market and it should be noted Ripple disputes this Ripple says they Were not hacked for millions of xrp but Their co-founder was again this is an Ongoing story all of this is happening Publicly on chain make sure you Subscribe for the most current info Because update confirmation of the hack From Chris lson Ripple's co-founder and Executive chairman he States yesterday There was unauthorized access to a few Of my personal xrp accounts not ripples We were quickly able to catch the Problem and notify exchanges to freeze The affected addresses law enforcement Is already involved this is an isolated Incident and ripple wallets are secure SL were never compromised we've Confirmed nearly all affected funds were

Converted out of xrp meaning the hacker Sold out of xrp we are working with law Enforcement and have been advised that a Significant portion of the funds have Been frozen and are pursuing the Remainder aggressively now Brad Garlinghouse CEO of Ripple also backs This up given some irresponsible Speculation and Reporting I want to Reiterate that no Ripple managed wallets Were compromised full stop it's just the Leadership which I guess our xrp Wales Makes sense that we compromised and Zach Xpt doesn't buy it he responds totally Completely separate entities wink wink Now whether this skepticism is warranted From Zach you tell me down below in the Comment section but let's just be real About this how much sell pressure is This amount really other channels will Not break it down for you like this I Will that's why you subscribe but 23 Million xrp if we go over and look at The current circulating supply of over 54 billion 213 million is less than 1% And look it in the last 24 hours xrp is Down 1.7% in the last 7 Days even though this Really started just yesterday 53 cents Down to 50 cents so again not the Biggest deal it was more fear of what Was happening rather than what was Actually happening but it does raise a Bigger question about Chris Larson wow

This means Chris Larson literally had a A100 Million worth of xrp that he could Freely dump on the market at any time it Was not locked up and it was fully Managed by him I mean there's nothing Illegal but it does just kind of show That the founders if nobody else the Founders were getting rich every founder Has that they all hide with beautiful Terms like advisory and marketing Etc All of that is mostly an illusion to Create an idea that tokenomics are not Centralized while in reality they're Just on the team's hands literally all Projects do the same thing LOL my bigger Thing is if you're going to have this Amount of coins centralized to one Co-founder shouldn't there be better Security and maybe a bigger question That needs to be settled today is is xrp Centralized the truth that on the Spectrum it is compared to a Bitcoin Compared to an ethereum but Decentralization is all a spectrum and It is actually close closer to maybe a BNB or a vchain as explained in this 40c Clip from virtual bacon xrp doesn't use Proof of work or proof of stake to Secure transactions instead they use Something called xrp Ledger consensus Protocol this helps them achieve Consensus using a unique node list these Nodes are verified and vetted by the xrp Network and thus they can skip the

Mining and staking and instead just let These trusted parties vote on which Transactions to include in the Blockchain this is obviously more Centralized than Bitcoin and E ium but It is a relatively common protocol in The crypto space there is a consensus Protocol called proof of authority which Runs exactly like the process in xrp and Many prominent layer one blockchains Already used this including vchain Kronos chain and even the B&B chain Today there are around 120 validators on The xrp network so I wouldn't call this Consensus mechanism completely Centralized I think this is fair Considering B&B chain only has 50 Validators or so that are also Chosen And what's interesting is that even Though xrp is over a decade old and its Primary use case is still cross border Payments they do have Smart contract Capabilities with The xrp Ledger meaning Like ethereum daps can be built on top Of it CTO David Schwarz explains some of The building yeah so on the stablecoin Front that's mostly happening through The Ripple x side The xrp Ledger side of Uh of Ripple um we've recently announced Partnerships with stasis which is the Leading Euro stable coin one of the top 10 stable coins globally in Nova which Uh brings you know large erc20 stable Coins like usdc and usdt as well as an

Australian dollar stable coin to The xrp Ledger decks one of the things that's Been missing on The xrp Ledger decks is Like a large number of high quality Assets like there's xrp and then there's A couple of like medium you know and Then there's a long tail of interesting Stable coins but not like not access to The not like a a high quality US dollar Stable coin obviously is extremely Important so and the euro stable coin That's going to help bring some of those Things to the xrp larger side but the Biggest thing I'm looking forward to on The future of xrp is their automated Market maker I either Unis swap Competitor automated Market maker Automated market makers on The xrp Ledger could be a game changer uniquely Positioning it to Leap Frog other dexes I almost said automated Money Maker Which actually is kind of it's actually Pretty a propo right amm will harvest Volatility for yield volatility will Drive Market market makers which the amm Makes a spread right it takes a movement In price to really drive that volume and Of course volatility increases Arbitrage Of profits because the amm gets more out Of balance more and the am gets a cut of Those profits through the auction Mechanism so this could really turn the Volatility of a digital asset from a Downside to an upside but in conclusion

For this hack and their co-founder Chris Larson the backlash from the community Has already started I will get tons of Hate for this but I will always always Keep it real with you guys I think it's Time for Chris lson to distance himself From Ripple as much as possible in 2022 He donated to Greenpeace to launch a Campaign to lobby for the change of the Bitcoin code at the time I tweeted this Was a horrible move bad Optics all Around especially with the SEC lawsuit Still ongoing so he wanted to hardfork Bitcoin alter bitcoin's code and now Chris's personal xrp account has been Hacked and you can imagine the headlines That will follow all of this is bad for Ripple Equity holders and xrp holders I Have confidence in Brad garlinghouse and David Schwarz CEO and CTO and the vision They have for ripple and xrp but Chris Larson is causing more problems with These situations this is an ongoing Story make sure you click subscribe if You're invested in xrp what do you think About Ripple well I mean I think it's Too centralize but I definitely want to Meet Chris [Music] Larson [Music] H

Coinbase
OUR TAKE

Coinbase is a popular cryptocurrency exchange. It makes it easy to buy, sell, and exchange cryptocurrencies like Bitcoin. Coinbase also has a brokerage service that makes it easy to buy Bitcoin as easily as buying stocks through an online broker. However, Coinbase can be expensive due to the fees it charges and its poor customer service.

Leave a Comment

    • bitcoinBitcoin (BTC) $ 67,264.00 5.72%
    • ethereumEthereum (ETH) $ 3,522.32 3.24%
    • tetherTether (USDT) $ 1.00 0.15%
    • bnbBNB (BNB) $ 594.11 4.49%
    • solanaSolana (SOL) $ 170.41 8.26%
    • staked-etherLido Staked Ether (STETH) $ 3,521.88 3.18%
    • usd-coinUSDC (USDC) $ 1.00 0.02%
    • xrpXRP (XRP) $ 0.579311 1.72%
    • the-open-networkToncoin (TON) $ 7.28 0.53%
    • dogecoinDogecoin (DOGE) $ 0.125709 6.16%