Former Ripple Director of Engineering: Ripple Labs did not use multi-signature or custodial services

Former Ripple Director of Engineering, Nik Bougalis, posted on the X platform stating that Ripple was disclosed to have been hacked yesterday. Its co-founder Chris Larsen is not the first nor the last person to be stolen XRP in this way. Multi-signature support requires multiple signatures in a transaction, and Chris Larsen did not use multi-signature or custodial services, which is surprising. Key management and security are significant challenges, and existing tools are not always capable of handling this task. Earlier news revealed that Ripple was attacked by hackers and 213 million XRP coins were stolen, worth approximately $112.5 million.