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Binance Aids Ripple: Freezes $4.2 Million in XRP Amidst Hack

2024/02/02 19:30

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In response to the recent XRP hack involving Ripple Co-founder Chris Larsen, leading crypto exchange Binance takes action. CEO Richard Teng applauds crypto sleuth ZachXBT for reporting the hack and highlights Binance's collaboration with Ripple. The exchange freezes $4.2 million in stolen XRP to assist in recovery.

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 Reveals Massive XRP Theft

Crypto detective ZachXBT initially hints at a significant attack within the Ripple ecosystem. The theft involves 213 million XRP, valued at $112.5 million. Chris Larsen attributes the massive theft to "unauthorized access" to his personal accounts, refuting compromise claims on Ripple wallets.

Binance's Commitment to a Secure Ecosystem

Binance CEO Teng emphasizes the platform's dedication to a "safe ecosystem." The decision to freeze stolen funds aligns with this commitment. Teng pledges ongoing support for Ripple's investigations and recovery efforts, including vigilant monitoring of exploiter's external wallets.

Binance's Track Record in Assisting Troubled Ecosystems

This isn't Binance's first involvement in aiding distressed ecosystems. Notably, in February 2023, the platform assisted Norwegian authorities in recovering $6 million from the Ronin network heist. Additionally, Binance supported Huobi against the Harmony hackers, who stole $2.4 million in BTC.

Summary: Binance Freezes $4.2 Million in XRP to Support Ripple Amidst Hack

Binance takes swift action, freezing $4.2 million in stolen XRP to assist Ripple in recovering from the recent hack. CEO Richard Teng emphasizes the platform's commitment to a secure ecosystem and pledges continued support for Ripple's efforts. This move aligns with Binance's track record of aiding troubled ecosystems.

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