XRP (CRYPTO: XRP) fell to $1 for the first time since November 2024 after a hack drained roughly 200,000 XRP from the Coreum bridge on the XRP Ledger.
What Happened to the Coreum Bridge? Inside the 200,000 XRP Exploit
According to blockchain analytics site XRPL.to, the Coreum bridge held roughly 200,410 XRP on August 9 before an attacker drained it to 493.5 XRP in just 97 minutes.
The attacker never actually sent any real XRP to the bridge. Instead, they moved the bridge’s own token between their own two wallets while attaching a fake deposit label.
The bridge’s software saw that transaction in its history and mistakenly treated it as a real incoming deposit, crediting the attacker with XRP they never sent.
