Ripple ($XRP) Chairman and co-founder Chris Larsen has had several of his personal accounts compromised, and crypto’s favourite on-chain sleuth ZachXBT gave the breakdown of fund movements. Ripple faces a potential $112 million hack, and investors worry about how these stolen funds could affect $XRP’s price.
While the cross-border giant of the top ten cryptocurrencies faces a threat, smaller protocols are flying in the current market conditions. Galaxy Fox ($GFOX) could 10X and is easily on track to outperform Ripple this cycle. As the bull market heats up, presales continue attracting more funding and are poised to become the stars of 2024.
Ripple ($XRP) $112 Million Hack
Ripple chairman and co-founder Chris Larsen has been hacked, and those responsible quickly sent 213 million $XRP (approximately $112 million) to several different exchanges in an attempt to launder the money. Ripple’s price has slumped toward $0.50 with this news, and it remains unknown whether the explorers were successful in withdrawing the funds.
Law enforcement has already been involved, and large centralized exchanges like Binance are working to freeze the stolen assets. Luckily, the affected wallets belonged solely to Chris Larsen and were not Ripple wallets. Calls are already being made for executives to disclose their holdings in a bid to introduce greater clarity and transparency.
This enormous hack is one of the largest to date this year. Luckily for Larsen, while a significant loss, his net worth, as estimated by Forbes, is $2.9 billion. So, despite this incident, he will be fine. It is the ordinary $XRP holders who will likely suffer most.
Hack activity aside for a moment, Ripple’s services have seen an uptick in adoption, and more and more companies are using the XRP Ledger to settle cross-border payments. $XRP remains sixth among the top ten cryptocurrencies, and analysts expect it to target a high of $1.57 in 2025.
Galaxy Fox ($GFOX) Soars Past $3 Million
Galaxy Fox is the project on everyone’s lips, and this new hybrid token has shown astounding growth in recent weeks. Blitzing past $3 million raised and gaining momentum, this ICO must be one of the top cryptos to buy right now. Forecast to 10X later this year and outperform Ripple, more and more investors are paying attention to the Galaxy Fox story.
The protocol combines elements from the memecoin genre with a P2E component. The growing appetite for memecoins and the ongoing revitalization of the P2E industry are rocket fuel for this small cap. Players can earn by playing the addictive runner game with prizes paid out at the end of each season.
Additionally, they can earn staking rewards at the Stargate module. This reward hub accrues 2% of all ecosystem transactions and pays them out to stakers. The novel use of taxation introduces a direct link between ecosystem development and rewards, and even better, it means no inflationary emissions for $GFOX.
Set to launch later this year, $GFOX promises a wildly exciting price discovery phase, and anybody who does not know how to buy new crypto before listing can learn with this presale. As markets heat up, ICOs always attract more capital. And an ICO like Galaxy Fox located in the memecoin and GameFi narratives is an easy 10X project.
Closing Thoughts: ICOs Set to Dominate 2024
Funding levels always heat up with positive sentiment, and investors should abide by the classic crypto adage. ‘Old coins bad, new coins good.’ All the top ten cryptocurrencies and majors from the last cycle will drastically underperform their newer counterparts.
The future of the industry is with up-and-comers such as Galaxy Fox. Participate in the presale today and get one step closer to 10Xing your portfolio in 2024.
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