Binance Halts $4.2M XRP Theft: Ripple Co-Founder's Loss Explained

Jonathan Stoker Feb 03, 2024, 01:50am 298 views

Binance Halts $4.2M XRP Theft: Ripple Co-Founder's Loss Explained

Binance Stops $4.2 Million in Stolen XRP in its Tracks

In a recent high-profile digital theft, BinanceBinance was able to freeze $4.2 million in XRPXRP$0.620 -1.68% stolen from Ripple's co-founder, Chris Larsen. The announcement was made by Binance CEO, Richard Teng, highlighting the substantial sum that they managed to halt from the security breach.

Clarity on the Ripple Hacking Incident

Earlier this week, the financial technology world was brimming with reports of a Ripple hack. The firm, a giant in the realm of digital payments, had been having a tough start to 2024 and this news of a $112 million theft did not help matters. It was later clarified that the victim of the incident was Larsen himself, not the company.

Recovery Efforts and Actions Taken By Binance

Within a week of the unfortunate incident, Binance has reported that it was able to freeze $4.2 million worth of the XRP stolen from Larsen. Teng took the opportunity to share an update about it, identifying the funds that the digital exchange had managed to freeze and keep out of the hacker's reach.

In his update, Teng acknowledged the efforts of ZachXBT, a cryptocurrency investigator who initially brought the exploit to the public's attention. He also mentioned the collaboration between the Ripple team and the digital currency exchange in this matter. The teams will continue to work together to ascertain more of the stolen funds.

The extent of the Recovery

So far, Binance has successfully frozen 3.75% of the total funds stolen in the breach. While the details of the attack remain undisclosed to the public, the only known facts are the victim, Larsen, and the total stolen amount. Nevertheless, Ripple is said to be spearheading the investigation into the incident, and also tracing the whereabouts of the stolen digital assets.

Edited by Jonathan Stoker

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