XRP Crashed Below $1 After a Bridge Hack Drained 200,000 Tokens in 97 Minutes
On Aug 9, an attacker exploited the Coreum cross-chain bridge on the XRP Ledger, draining 199,916 XRP (about $200,000) in 97 minutes, according to blockchain analytics site XRPL.to. The bridge was suspended on Aug 10 and remained offline as of Aug 11. XRP briefly traded below $1, touching about $0.99, before rebounding near $1.01.
How this was made
The 30-second read
Why it matters
The bridge remains suspended with no published post-mortem or timeline, which can prolong uncertainty and keep traders focused on $1 support and nearby resistance levels.
Market read
A concrete bridge exploit tied to XRP Ledger activity plus a sub-$1 price break creates a near-term trading catalyst centered on $1 support and bridge-risk sentiment.
What to watch
No confirmation of user reimbursement, bridge operator remediation, or whether the exploit changes XRP network-level fundamentals; technical buy-signal claims may be overstated without follow-through.
Background
An attacker exploited the Coreum cross-chain bridge on the XRP Ledger by spoofing deposits via memo fields, causing 21 relayers to approve fake credits.
Ticker impact
Article says an Aug 9 Coreum bridge exploit on the XRP Ledger drained 199,916 XRP and XRP later touched $0.99, breaking below $1.
Elevated volatility around $1, with downside risk toward ~$0.85 if $1 fails; potential mean reversion if buyers defend the level.
The text provides a concrete security incident tied to XRP and a specific price reaction (dip to ~$0.99 then close near $1.01), plus a stated technical level framework (support at $1, resistance $1.06).
Market effects
Reinforces the narrative that cross-chain bridges remain a weak link, which can pressure broader bridge/DeFi risk appetite.
No specific regional linkage provided; impact is global crypto sentiment.
Security incident and bridge suspension can spill over to other cross-chain users and liquidity providers across crypto markets.
Counterpoint
The article notes fast recovery from ~$0.99 to ~$1.01 and heavy volume at $1, suggesting the move may be more of a liquidity/positioning event than a fundamental XRP breakdown.
Key entities
- cryptoassetXRP
Token that was allegedly drained via the Coreum bridge exploit and subsequently traded below $1.
- protocolCoreum cross-chain bridge
Bridge on the XRP Ledger whose relay software logic was exploited; reported as suspended after the incident.
- serviceTornado Cash
Used in the described laundering flow after withdrawals were executed.
