$XRP Falls Below $1 After Coreum Bridge Hack
XRP briefly slipped below $1 for the first time since late 2024 after an exploit drained nearly 200,000 XRP, worth around $200,000, from the Coreum bridge. The attack targeted the bridge connecting XRP Ledger and Coreum, rather than the XRP Ledger itself.
The attacker reportedly exploited a flaw in the bridge's deposit verification system, using a fake transaction label to convince relayers that fraudulent deposits were legitimate. Coreum halted bridge operations after discovering the issue and said the vulnerability was within its own code.
Despite the incident, XRP quickly recovered above $1, with trading volume exceeding $2 billion. That response suggests buyers were willing to defend the psychological level, although analysts remain divided on what comes next, with some models warning of a possible move toward $0.62 if support fails.
The bigger takeaway is that the XRP Ledger itself was not compromised. The exploit was isolated to the Coreum bridge, highlighting one of the biggest risks in cross-chain infrastructure: a bridge can become the weakest link even when the underlying blockchain remains secure.
#XRP #Ripple #Macro Insights#
XRP briefly slipped below $1 for the first time since late 2024 after an exploit drained nearly 200,000 XRP, worth around $200,000, from the Coreum bridge. The attack targeted the bridge connecting XRP Ledger and Coreum, rather than the XRP Ledger itself.
The attacker reportedly exploited a flaw in the bridge's deposit verification system, using a fake transaction label to convince relayers that fraudulent deposits were legitimate. Coreum halted bridge operations after discovering the issue and said the vulnerability was within its own code.
Despite the incident, XRP quickly recovered above $1, with trading volume exceeding $2 billion. That response suggests buyers were willing to defend the psychological level, although analysts remain divided on what comes next, with some models warning of a possible move toward $0.62 if support fails.
The bigger takeaway is that the XRP Ledger itself was not compromised. The exploit was isolated to the Coreum bridge, highlighting one of the biggest risks in cross-chain infrastructure: a bridge can become the weakest link even when the underlying blockchain remains secure.
#XRP #Ripple #Macro Insights#