Binance Freezes $4.2 Million Worth Of XRP Stolen From Ripple Co-Founder’s Wallet

XRP Falls Over 5% As Ripple Chairman Chris Larsen Falls Victim To $113 Million Hack

$4.2 million worth of XRP tokens stolen during a hack on Ripple executive’s personal accounts earlier this week have been identified and frozen, revealed Binance CEO Richard Teng.

In a post on the X platform, Teng said developers behind the XRP Ledger (XRPL) had flagged the exploit to exchanges and requested them to keep an eye out for deposits linked to exploiter wallet addresses.

“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,” Teng posited.

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

Responding to Teng’s post, Thomas Silkjaer, the head of analytics and compliance at the XRP Ledger Foundation, explained that the wallets from which the tokens were stolen belonged to Ripple co-founder Chris Larsen — not of Ripple, the company. Silkjaer also claimed it was the XRPL foundation that first investigated the exploit.

This Year’s Largest Hack So Far

As ZyCryto reported, the price of XRP dropped by over 5% after news of the hack on Ripple emerged.

However, Ripple chief executive officer Bradley Garlinghouse quickly clarified that no Ripple-controlled wallets had been compromised and stressed the security of the company’s infrastructure.

This is easily the largest hack of 2024 so far after the theft of 213 million XRP tokens. The $4.2 million frozen by Binance is certainly good news. However, it’s a tiny portion of the $113 million in XRP that the hacker stole from Larsen. 

Notably, other digital asset exchanges, including OKX and Kraken, are yet to announce if they have identified or frozen any tokens tied to Wednesday’s exploit.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Most Popular

InstaCoin.News covers Fintech, Blockchain and Bitcoin bringing you the latest news and analyses on the future of money.

Copyright © InstaCoinNews

To Top