Recently, an American investor named Brandon Larwalk lost his entire savings of $3 million in Ripple (XRP). He had accumulated 1.2 million XRP tokens over 8 years, but due to a simple mistake, hackers stole all of his assets.
Larwalk reportedly used an Ellipal wallet, thinking it was cold and secure. Unfortunately, he had entered his recovery seed phrase into a mobile app that was connected to the internet.
This turned his wallet into a hot wallet, giving hackers easy access to his assets. The stolen funds were then quickly laundered through illegal networks.
Although Elipal has announced that it is helping this investor, experts say the chances of getting the money back are close to zero.
