$123M Lost: Ripple Co-Founder Hacked, Socket and GMEE Breached
Chris Larsen’s XRP wallets were drained for $112M. GMEE lost $7M after token contracts were compromised via GitLab. Socket Protocol got hit for $3.4M due to unchecked input in its swap router. Wise Lending suffered a smaller but surgical $464K loss, price manipulation plus a rounding error sealed it. Four distinct exploits, one shared lesson: assumptions about input control are still getting people wrecked.
In Brief
Ripple’s Co-Founder, Chris Larsen, was hacked for $112M.
GMEE got exploited for $7M.
Socket Protocol lost $3.4M due to missing input validation.
Wise Lending suffered a $464K loss due to price manipulation.
Hacks Analysis
Chris Larsen | Amount Lost: $112M
On January 30th, Chris Larsen, the co-founder of Ripple, was hacked for $112M. The attacker gained authorized access to several of Chris Larsen’s XRP accounts and drained 213M XRP tokens in eight transactions. Chris Larsen confirmed that the exploit was an isolated incident and assured Ripple wallets are secure. A portion of the stolen funds has been frozen since the exploit.
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Exploit Contract (on XRP Ledger): rJNLz3A1qPKfWCtJLPhmMZAfBkutC2Qojm
On January 22nd, the GMEE exploit on the Polygon chain resulted in a $7M loss. The root cause of the exploit was unauthorized GitLab access to the token contracts. The attacker targeted the proprietary team token reserves and drained 500M GMEE tokens. GMEE acknowledged the incident and stated that the community-owned assets are secure.
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Exploit Contract (on Polygon Chain): 0xcf32822ff397Ef82425153a9dcb726E5fF61DCA7
On January 16th, the Socket Protocol exploit on the Ethereum Mainnet resulted in a $3.4M loss. The root cause of the hack was the lack of input validation in the Socket Protocol’s WrappedTokenSwapperImpl contract. The performAction() function lacked input validation for the swapExtraData parameter. This flaw allowed the attacker to trigger the safeTransferFrom() function, leading to the unauthorized transfer of tokens to the attacker’s address. The incident impacted 712 users, and the Socket Protocol team temporarily suspended all transactions.
On January 13th, the Wise Lending exploit on the Ethereum Mainnet resulted in a $464K loss. The root cause of the attack was a price manipulation vulnerability arising from the PLP-stETH-Dec2025 contract lacking liquidity. The attacker deposited funds into this nearly empty pool to artificially inflate the token price. Additionally, the attacker exploited a rounding error flaw in the withdrawExactAmount() function, withdrawing almost the entire pool except for 2 wei. However, the rounding error flaw caused the withdrawShares amount to be set to 0.
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Follow-up: Conduct a follow-up review to ensure that the remediation steps were effective and that the smart contract is now secure.
Follow-up: Conduct a follow-up review to ensure that the remediation steps were effective and that the smart contract is now secure.
In Brief
Remitano suffered a $2.7M loss due to a private key compromise.
GAMBL’s recommendation system was exploited.
DAppSocial lost $530K due to a logic vulnerability.
Rocketswap’s private keys were inadvertently deployed on the server.
Hacks
Hacks Analysis
Huobi | Amount Lost: $8M
On September 24th, the Huobi Global exploit on the Ethereum Mainnet resulted in a $8 million loss due to the compromise of private keys. The attacker executed the attack in a single transaction by sending 4,999 ETH to a malicious contract. The attacker then created a second malicious contract and transferred 1,001 ETH to this new contract. Huobi has since confirmed that they have identified the attacker and has extended an offer of a 5% white hat bounty reward if the funds are returned to the exchange.
