Richard

Richard Teng, CEO of crypto exchange <a href="https://crypto.news/tag/binance/" rel="noopener noreferrer nofollow">Binance</a>, disclosed on Feb. 2 via a post on the social media platform X that the exchange acted swiftly to freeze the Ripple exploiter’s address following a substantial hack targeting the personal wallet of Ripple co-founder Chris Larsen.&nbsp;
Teng expressed gratitude towards the Ripple team and the blockchain analyst ZachXBT for their efficient collaboration and support in addressing the theft.
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 After finding out early on about the exploit that occurred at <a href="https://twitter.com/Ripple?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">@Ripple</a>, we’re happy to say that the <a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#Binance</a> team has managed to freeze $4.2 Million worth of <a href="https://twitter.com/search?q=%24XRP&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$XRP</a> stolen by the exploiter. We appreciate both the communities efforts in flagging it to exchanges – as always <a href="https://twitter.com/zachxbt?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">@zachxbt</a>…— Richard Teng (@_RichardTeng) <a href="https://twitter.com/_RichardTeng/status/1753100751713517903?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">February 1, 2024</a>
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Contrary to initial speculation suggesting a compromise of Ripple’s network or the <a href="https://crypto.news/tag/xrp/" rel="noopener noreferrer nofollow">XRP </a>token itself, Larsen clarified that it was his personal accounts that were breached, not the infrastructure of Ripple. He noted that the stolen funds were being laundered through at least six different exchanges, including MEXC, Gate, Binance, Kraken, OKX, HTX, and HitBTC.
The confusion around the hack was partly due to the misattribution of the affected account as <a href="https://crypto.news/coinbase-a16z-ripple-pour-millions-into-fairshake-crypto-lobbying-group/" rel="noopener noreferrer nofollow">Ripple</a> itself in XRP block explorers XRPScan and Bithomp, as <a href="https://crypto.news/ripples-co-founder-confirms-113m-theft-xrp-down-5/" rel="noopener noreferrer nofollow">revealed</a> by ZachXBT. This misattribution led to initial misunderstandings regarding the nature and target of the hack.
Larsen has since been in communication with various cryptocurrency exchanges to freeze the exploiter’s address and has involved law enforcement in the investigation.
You might also like: <a href="https://crypto.news/binance-to-reduce-stake-in-korean-crypto-exchange-gopax-report-says/" rel="noopener noreferrer nofollow"> Binance to reduce stake in Korean crypto exchange Gopax, report says </a>
Despite the sophisticated nature of the attack, the hacker did not employ <a href="https://crypto.news/south-korea-to-strengthen-control-over-crypto-mixers/" rel="noopener noreferrer nofollow">crypto mixer services</a> or decentralized exchanges to obscure their identity, a tactic that has recently fallen out of favor among cybercriminals to avoid detection and fund freezing by centralized exchanges.
While Binance has successfully frozen a portion of the stolen assets, the involvement of other exchanges, such as OKX and Kraken, in identifying or freezing related funds remains undisclosed.
This recent intervention by Binance to freeze assets linked to the Ripple hack is part of a continuing trend where the exchange has stepped in to mitigate the effects of cyber thefts within the cryptocurrency sector. For instance, in February of 2023, Binance played a pivotal role in aiding Norwegian authorities to secure the return of $6 million stolen in the<a href="https://crypto.news/axie-infinity-ronin-network-hack-625m-usd-eth/" rel="noopener noreferrer nofollow"> Ronin network heist</a>.
Moreover, Binance’s collaborative efforts extend beyond solo initiatives. Last year, the exchange collaborated with Huobi to <a href="https://crypto.news/binance-and-huobi-freeze-accounts-linked-to-horizon-bridge-hack/" rel="noopener noreferrer nofollow">facilitate the recovery</a> of $1.4 million in crypto that had been stolen from Harmony’s Horizon Bridge. In a similar vein, Binance was also instrumental in <a href="https://nairametrics.com/2022/04/22/binance-recovers-5-8-million-linked-to-axie-infinity-hack/" target="_blank" rel="noopener noreferrer nofollow">reclaiming</a> $5.8 million for Axie Infinity after the Ronin Network was compromised and the stolen assets were moved through its platform.
Read more: <a href="https://crypto.news/binance-to-allow-traders-to-store-their-assets-on-external-banks/" rel="noopener noreferrer nofollow"> Binance to allow traders to store their assets on external banks </a>

Ripple co-founder’s hacked funds halted by Binance, Richard Teng confirms on X

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