XRP Dips Below $1 Following Coreum Bridge Hack

XRP fell under $1 on August 11 for the first time in nearly two years. This drop followed a security breach on the Coreum bridge, where an attacker drained approximately 200,000 XRP tokens in less than two hours on August 9. The bridge team has halted operations to prevent further losses while they work on a fix.

The exploit did not target the XRP Ledger itself. Instead, the issue was a software flaw within the bridge relayer. The system failed to verify if incoming payments were actually addressed to the bridge, allowing the attacker to send funds to themselves and receive unauthorized credits. Because the signatures were technically valid, the multi signature process authorized the outflows automatically.

It is important to note that the XRP Ledger remained secure throughout the event. No private keys were stolen, and the network consensus mechanism functioned as expected. The error rested entirely within the bridge relay code, which processed false deposit data as genuine.

Market participants should watch for an official post mortem report from the Coreum team. The bridge will remain suspended until developers add necessary destination checks. With XRP trading down about 3.30 percent over the last 24 hours, investors are waiting to see how the broader market reacts to this infrastructure setback.