Coin Edition -
- Binance freezes $4.2 million worth of XRP that was stolen from Chris Larsen’s accounts in a recent hack.
- While ZachZBT reported a 213 million Ripple attack, Larsen revealed that the attack solely involved his personal account.
- Assuring support to recover the funds, Binance CEO Richard Teng shared an X post.
The recent XRP hack involving Ripple Co-founder Chris Larsen has created shockwaves in the crypto community and XRP Army. In the latest development, Binance, one of the leading crypto exchanges, has announced its strategic move to help Ripple recover the stolen amount by freezing about $4.2 million worth of stolen XRP.
Binance CEO Richard Teng shared an official post on X, acknowledging the work of crypto sleuth ZachXBT, who first reported the Ripple hack. Teng also appreciated Ripple’s effort in collaborating with other exchanges, including Binance. Announcing the platform’s decision to freeze the stolen funds, Teng wrote, “The Binance team has managed to freeze $4.2 Million worth of XRP stolen by the exploiter.”
After finding out early on about the exploit that occurred at @Ripple, we’re happy to say that the #Binance team has managed to freeze $4.2 Million worth of $XRP stolen by the exploiter.We appreciate both the communities efforts in flagging it to exchanges – as always @zachxbt…— Richard Teng (@_RichardTeng) February 1, 2024
ZachXBT unveiled a massive XRP theft, initially hinting at an attack involving the Ripple ecosystem. As per the detective’s tweet, Ripple was hacked for about 213 million XRP, worth $112.5 million. However, Chris Larsen later revealed that “unauthorized access” to his personal accounts had led to the massive theft.
Subsequently, Ripple CEO Brad Garlinghouse came forward, reiterating that the Ripple wallets were not “compromised.” Larsen also supported the CEO’s claims assuring that the Ripple wallets are safe.
In its latest move, Binance focuses on supporting a “safe ecosystem.” While the platform is determined and dedicated to aiding Ripple in sorting out the matter, Teng stated,
We will continue to support Ripple in their investigations and their efforts to retrieve back the funds, including closely monitoring the majority of funds still in the exploiter’s external wallets in case they deposit to Binance.
The crypto community has already witnessed Binance’s enthusiasm for assisting troubled ecosystems. In February 2023, the platform helped Norwegian authorities retrieve $6 million from the Ronin network heist. In addition, Binance has also assisted Huobi in fighting against the Harmony hackers who stole $2.4 million in BTC.
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