XRP Drops Below $1 Following Coreum Bridge Security Exploit
Key Facts
Amid rising concerns over cross-chain security, XRP experienced significant selling pressure that led to the breach of key support levels. According to reports, the XRP price fell below the $1 mark for the first time since November 2024. This decline was triggered by a security exploit on the Coreum bridge, which resulted in the drainage of approximately 200,000 XRP units, weighing heavily on trader sentiment across the crypto market.
The technical exploit on the Coreum bridge catalyzed selling pressure, causing XRP to lose its psychological support at $1. While the drained amount of 200,000 XRP is relatively small compared to the total circulating supply, the incident has renewed fears regarding vulnerabilities in cross-chain infrastructure. These price movements occur at a time when digital assets remain highly sensitive to cybersecurity-related news.
Traders are now watching for any signs of recovery, though the upcoming economic calendar lacks direct crypto-specific catalysts, focusing instead on global manufacturing and growth indicators.
Latest Updates · 2
- Notable·
Update: Technical investigations by Tx have identified a specific flaw in the bridge relayer as the cause of the exploit, which allowed for the theft of exactly 198,715.88 XRP. The stolen funds were subsequently routed through Tornado Cash for laundering, prompting an alert to the FBI, while the Coreum bridge remains halted for a comprehensive security audit.
- Notable·
Update: The tx team has officially broken its silence, announcing the involvement of the FBI in the ongoing investigation. Reports confirmed that the exploit occurred on August 9 and lasted for only 97 minutes, marking a significant shift toward federal law enforcement action.