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XRP drops below $1 for the first time in nearly two years
['Editorial Team']
Crypto Briefing
A bridge exploit on Coreum's XRPL infrastructure drained nearly 200,000 XRP in under two hours, rattling already fragile market sentimentXRP briefly fell below $1 on August 11, a price level the token hasn’t touched since January 2024.
What happened to the Coreum bridgeOn August 9, a flaw in the deposit verification logic of Coreum’s XRPL bridge allowed an attacker to drain 199,916.3 XRP in just 97 minutes.
AdvertisementCritically, the flaw lived in Coreum’s bridge software, not in the XRP Ledger itself.
Nearly 200,000 XRP gone in under an hour and a half suggests the attacker either had deep knowledge of the bridge’s logic or found a flaw that was straightforward enough to exploit quickly.
Ripple the company was not involved in the Coreum bridge exploit and faces no direct exposure from the incident.