Binance Halts $4.2M XRP Theft from Ripple Executive's Wallet

• Binance Halts $4.2 Million in XRP Tokens Linked to Recent $120 Million Exploit
• Alert Raised by XRP Ledger Developers
• Binance's Support for Ripple
• Implications of The Stolen Tokens
• Funds Laundered Across Multiple Exchanges

Binance Halts $4.2 Million in XRP Tokens Linked to Recent $120 Million Exploit

In connection with this week's $120 million exploit, crypto exchange Binance has halted the movement of $4.2 million in xrp (XRP$0.620 -1.68%) tokens, according to CEO Richard Teng. He disclosed the information in an X post.

Alert Raised by XRP Ledger Developers

Teng revealed that developers of the XRP Ledger, who oversee the blockchain where XRP tokens exists, were the ones who raised the red flag about the exploit. They warned exchanges and encouraged them to be vigilant for deposits originating from the wallets linked to the exploit.

Binance's Support for Ripple

We plan to stand by Ripple during their investigations and efforts to recover the lost funds, inclusive of keeping a close eye on the vast majority of funds still contained within the exploiter's external wallets which may be deposited to Binance, Teng explained.

Implications of The Stolen Tokens

The tokens in question were reportedly stolen from a wallet earlier this week. The wallet was later verified to be owned by Ripple Labs Executive Chairman Chris Larsen. Larsen acknowledged a breach of his personal XRP accounts, but emphasized that Ripple itself was not compromised.

Funds Laundered Across Multiple Exchanges

ZachXBT, a blockchain investigator, claimed in a Wednesday post that a massive total of 213 million XRP tokens were extracted from a large wallet on the XRP Leger blockchain. These funds were then dispersed and laundered through multiple exchanges including Binance, Kraken, and OKX.

Edited by Jonathan Stoker