On Wednesday, Ripple's co-founder and executive chairman, Chris Larsen, made a startling announcement that several of his personal XRP accounts were compromised.
He detailed the immediate response by his team, which involved convincing various cryptocurrency exchanges to swiftly freeze the targeted addresses to prevent further unauthorised transactions.
The breach led to the unauthorised transfer of $112.5 million worth of assets from Larsen's accounts, sparking a scramble to secure and recover the funds.