Ripple’s XRP dropped 5% after a $112.5 million security breach, while eTukTuk, a secure EV crypto project, is gaining traction.
Ripple’s XRP token witnessed a drop of over 5% amid speculation and concerns regarding a potential security breach within the network. The decline followed reports of a significant amount, approximately $112.5 million, being compromised.
Chris Larsen, Executive Chairman of Ripple, confirmed the breach in a statement on social media platform X (formerly Twitter).
According to Larsen, the unauthorised access occurred in his “personal XRP accounts”, emphasising that the breach did not extend to the broader Ripple network.
Larsen assured that swift action was taken to identify and contain the issue, including notifying exchanges to freeze the affected addresses. Law enforcement agencies are reportedly involved in investigating the incident.
The initial alarm was raised by blockchain analyst ZachXBT, who disclosed that 213 million XRP tokens were unlawfully moved from a large wallet on the XRP Ledger blockchain. The illicitly obtained funds were subsequently routed through multiple exchanges, including Binance, Kraken and OKX – raising questions about the security measures in place across various blockchain platforms.
Amidst these security concerns, some investors are exploring alternative cryptocurrencies that prioritise robust security features. eTukTuk, a blockchain project integrating electric vehicle (EV) technology and environmental sustainability, has garnered attention in this context.
Why Crypto Investors are Bullish on eTukTuk
Operating on the Binance Smart Chain, which recently announced an 85% decrease in financial losses due to security incidents in 2023, eTukTuk employs a proof-of-stake mechanism to address environmental challenges within the transportation sector.
The project focuses on replacing traditional 3-wheeled TukTuks vehicles that are typically found in Africa and Asia, with cost-effective electric vehicles, aligning with its commitment to providing a scalable and eco-friendly transportation solution.
A noteworthy aspect of eTukTuk is its commitment to inclusivity and cross-chain interoperability. The native token, TUK, is accessible on both the Binance Smart Chain and Cardano, facilitating engagement from diverse crypto communities. The limited supply of 2 billion TUK tokens contributes to their potential value.
eTukTuk’s Security Measures and Recent Developments
Concerns about data security are paramount in the cryptocurrency landscape and eTukTuk has implemented measures to protect user data. The company assures that it has taken appropriate security measures to prevent accidental data loss or unauthorised access. In case of a breach, eTukTuk commits to notifying affected users and regulators, as required by legal obligations.
Recent developments within eTukTuk include a successful presale milestone, raising over $600,000 to support TUK staking. The project utilises AI and DePIN technologies to introduce electric vehicles and charging stations in developing nations, marking a step towards climate change mitigation.
eTukTuk’s prioritisation of data protection, environmental responsibility and secure blockchain infrastructure, makes it an appealing choice for crypto investors escaping vulnerable crypto projects. Priced currently at $0.026, the $TUK token is currently positioned in its early stages at a low price point with lots of room to 100x.
