Binance Stops XRP Tokens Stolen from Ripple Executive’s Wallet

Earlier this week, Ripple Labs Executive Chairman Chris Larsen experienced a significant setback as over $120 million in XRP was stolen from his accounts.

Ecem EFE02/02/20241 Mins read444

Binance Stops Xrp Tokens Stolen From Ripple Executive'S Wallet

Crypto News- In a surprising turn of events, the renowned crypto exchange Binance has taken decisive action by freezing $4.2 million worth of XRP tokens linked to a recent exploit amounting to $120 million, according to an announcement by CEO Richard Teng in a post on the platform.

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Binance Stops XRP Tokens Stolen from Ripple Executive’s Wallet

Teng revealed that developers maintaining the XRP Ledger, the blockchain utilizing XRP, had promptly notified exchanges about the exploit, urging them to be vigilant for any deposits associated with the exploiter’s wallets. In a reassuring statement, Teng affirmed Binance’s commitment to supporting Ripple in their ongoing investigations and recovery efforts for the stolen funds. The exchange is also closely monitoring the majority of funds still held in the exploiter’s external wallets, staying vigilant in case of any attempts to deposit into Binance.

The stolen tokens reportedly originated from a wallet breach earlier in the week, with confirmation that the compromised wallet belonged to Chris Larsen, the Executive Chairman of Ripple Labs. Larsen clarified that the breach affected his “personal XRP accounts” but emphasized that Ripple itself remained unaffected by the incident.

Binance Takes Swift Action: Freezes 4.2 Million Dollars in XRP Amidst 120 Million Dollars Exploit

In a detailed post on Wednesday, blockchain investigator ZachXBT shed light on the extent of the breach, indicating that a staggering 213 million XRP tokens were siphoned from a large wallet on the XRP Ledger blockchain. Subsequently, these funds were skillfully laundered through various exchanges, including but not limited to Binance, Kraken, and OKX.

This unforeseen incident highlights the persistent challenges faced by the crypto community in terms of security and the ongoing efforts of industry players to collaborate in combating illicit activities within the space. As the investigations unfold, the crypto world awaits further updates on the recovery of the stolen funds and the potential strengthening of security measures to prevent future exploits.

Sources:coindesk

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Ecem EFE

Since 2022, Ecem has been creating digital content, combining her passion for technology with writing. Continuing her education in the Mathematics department, Ecem focuses on producing in-depth content on areas such as blockchain, artificial intelligence, and cryptocurrency. She aims to simplify these topics and present them to a wide audience, sharing valuable insights into the crypto industry through her writing. With her innovative content, she strives to raise awareness in the digital world.

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