- Co-founder of Ripple, Chris Larsen, fell victim to a cyber attack on his personal account resulting in the theft of 213 million XRP, valued at $112.5 million.
- Binance takes decisive action by freezing $4.2 million in stolen XRP to support fund recovery and prevent unauthorized use.
- Binance CEO, Richard Teng, acknowledges cryptocurrency detective ZachXBT for reporting the hack.
In a recent incident, Ripple co-founder Chris Larsen experienced a cyber attack leading to the theft of approximately 213 million XRP, valued at $112.5 million. The intrusion, initially attributed to an attack on the Ripple ecosystem, was later clarified by Larsen, revealing that the unauthorized access was limited to his personal accounts, resulting in the massive theft.
In response to this situation, Binance, one of the major cryptocurrency exchange platforms, announced robust measures to support Ripple in recovering the stolen funds. The exchange’s decision involved freezing around $4.2 million in XRP, a strategic move to prevent the unauthorized movement and use of these digital assets.
We appreciate both the communities efforts in flagging it to exchanges – as always @zachxbt…
— Richard Teng (@_RichardTeng) February 1, 2024
Binance CEO, Richard Teng, expressed acknowledgment to ZachXBT, a cryptocurrency detective who initially reported the Ripple hack. Teng praised the collaborative efforts between Ripple and other exchanges, including Binance. In an official statement, Teng affirmed that the Binance team successfully froze the $4.2 million in XRP stolen by the attacker.
Larsen Brings Some Calm Regarding the Security of Ripple Users’ Assets
The initial reaction from detective ZachXBT suggested a significant attack on Ripple, involving the theft of a substantial amount of XRP. However, Chris Larsen’s subsequent revelation clarified that the attack solely targeted his personal accounts. This distinction is crucial for understanding the nature of the incident and the measures involved parties are taking to address it.
Ripple, through CEO Brad Garlinghouse, reaffirmed the security of its wallets, assuring the crypto community that the platform’s wallets were not compromised during the attack. Chris Larsen supported these claims, instilling confidence in the integrity of the company’s security measures.
By freezing the stolen funds, Binance emphasized its commitment to the security and integrity of the crypto ecosystem. CEO Richard Teng highlighted that the platform will continue to support Ripple in its investigations and efforts to recover the stolen funds. Additionally, he pledged to closely monitor movements in the attacker’s external wallets in case they attempt to deposit funds into Binance.
Collaboration among various entities in the crypto space is crucial to address and mitigate the consequences of cyber attacks. Binance, with its swift action and declared commitment, demonstrates its willingness to contribute to the security and stability of the ecosystem, a trend evident in previous cases where the platform provided assistance to other affected entities.