Binance Takes Swift Action: Freezes $4.2M XRP After Ripple Exec's Wallet Hack

Major Cryptocurrency Exchange Takes Swift Action Following $120 Million Exploit.

Feb 2, 2024 - 11:15
Feb 2, 2024 - 11:15
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Binance Takes Swift Action: Freezes $4.2M XRP After Ripple Exec's Wallet Hack
Binance Takes Swift Action: Freezes $4.2M XRP After Ripple Exec's Wallet Hack

Binance, a leading exchange platform, has intervened by freezing $4.2 million worth of XRP tokens. This action comes after an exploit earlier this week resulted in the unauthorized transfer of approximately $120 million.

Richard Teng, CEO of Binance, announced the move on the platform's official channels, disclosing that developers overseeing the XRP Ledger had alerted exchanges about the breach. Their proactive response led to the immediate freezing of the stolen tokens.

The affected wallet, linked to Chris Larsen, Executive Chairman of Ripple Labs, was the primary target of the theft. While Larsen confirmed that his personal XRP accounts were compromised, he assured that Ripple's operational infrastructure remained secure.

According to reports from blockchain analysts, an estimated 213 million XRP tokens were illicitly siphoned from a prominent wallet on the XRP Ledger. These stolen funds were subsequently funneled through various exchanges, including Binance, Kraken, and OKX, in an attempt to obfuscate their origins and launder the stolen assets.

Also Read: Thailand's SEC Adopts Crypto-Friendly Regulations: What You Need to Know?

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