Photo: finance.yahoo.com
$3M XRP Disappears: Cold Wallet Maker Links Theft to Seed Import Error
Over $3 million in XRP disappeared from an American retirees account, linked to a seed import error in the Mobile app by Ellipal, raising serious security concerns.
- On October 15, a retiree from North Carolina discovered that more than $3 million in XRP had vanished from his account after checking the Mobile app by Ellipal.
- Pseudonymous analyst ZackXBT initiated an on-chain tracing investigation following the theft, which garnered attention through several YouTube videos and a public statement from Ellipal on October 18.
- Ellipals investigation suggests the disappearance may be due to a user error related to a seed import, highlighting potential vulnerabilities in cryptocurrency management tools, particularly in the United States.
Why It Matters
This incident underscores the risks associated with cryptocurrency storage and management, particularly with tools like Ellipals Mobile app. As more individuals invest in digital currencies, understanding security protocols becomes critical to preventing significant financial losses.