Richard

Wednesday

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ZachXBT

Binance, one of the prominent crypto exchange, has taken swift action by freezing $4.2 million worth of XRP tokens tied to a high-profile exploit. This happened earlier this week when an unauthorized access breach occurred in the personal XRP accounts of Chris Larsen, the Executive Chairman of <a href="https://news.todayq.com/ripple-labs-chair-chris-larsen-criticizes-biden-and-sec-on-crypto-regulation/" target="_blank" rel="noreferrer noopener">Ripple Labs</a>. Larsen promptly reported the breach, leading to the freezing of the stolen tokens by Binance. Binance acts on the breach 
The XRP token faced a momentary setback, experiencing a sharp decline of over 5% on Wednesday amid speculations of a network hack leading to the theft of $112.5 million worth of XRP. However, Larsen clarified on X that the breach was specific to his personal accounts.&nbsp; 
The person in charge, Chris Larsen, made sure to quickly find out about the problem when his personal XRP accounts were accessed without permission. This fast action helped them inform exchanges like Binance to stop the stolen money. 
This is an isolated incident, and Ripple wallets are secure / were never compromised. We’ve confirmed nearly all the affected funds were converted out of XRP.We’re working with law enforcement and have been advised that a significant portion of funds have been frozen, and are…— Chris Larsen (@chrislarsensf) 
Binance’s CEO, Richard Teng, talked about what happened and mentioned how they worked together with the XRP Ledger developers. They warned different exchanges, telling them to be careful with any deposits linked to the exploiter’s wallets 
Teng assured support for Ripple in their investigative efforts, stating, “We will continue to support Ripple in their investigations and their efforts to retrieve back the funds, including closely monitoring the majority of funds still in the exploiter’s external wallets in case they deposit to Binance.” What’s happening? 
Blockchain analyst ZachXBT uncovered that 213 million XRP tokens had been siphoned from a substantial wallet on the <a href="https://news.todayq.com/xrp-ledger-amm-upgrade-closes-in-whales-move-155m-xrp/" target="_blank" rel="noreferrer noopener">XRP Ledger</a> blockchain. The stolen funds underwent a laundering process through multiple exchanges, including Binance, Kraken, and OKX.&nbsp; 
As of the latest update, XRP’s value stands at $0.5044, reflecting a 2.17% increase in the past day. Ripple (XRP) holds the position as the sixth-largest cryptocurrency by market capitalization, according to CoinMarketCap. 
In a related development, Ripple recently sent back 800 million XRP, worth about $492.5 million, to its escrow system after unlocking 1 billion XRP, valued at approximately $610 million, on Jan. 1, 2024. This action is part of Ripple’s monthly routine of releasing and relocking a fixed amount of XRP from its escrow. 
Ripple Labs, the driving force behind the XRP network, employs XRP as its native token to power tools such as RippleNet. RippleNet, in turn, serves as a cross-border payment platform designed for financial institutions. In 2020, Ripple Labs achieved a significant victory in a <a href="https://news.todayq.com/ripple-lawyer-criticises-coinbase-offered-help-to-sec/" target="_blank" rel="noreferrer noopener">legal battle</a> against the U.S. Securities and Exchange Commission (SEC) regarding XRP’s classification as a security. 
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Binance acts on XRP hack, freezes $4.2M tied to Ripple co-founder

Todayq News

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