Richard

<div class="intro-text">
 Binance has frozen over $4.2 million worth of the looted XRP coins connected to the <a style="color: #0000ff;" href="https://defi-planet.com/2024/02/ripple-security-breach-co-founder-faces-110-million-loss-in-personal-account-hack/" rel="noopener noreferrer nofollow">recent account hack on Ripple</a>.&nbsp;
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Binance CEO Richard Teng<a style="color: #0000ff;" href="https://x.com/_RichardTeng/status/1753100751713517903?s=20" rel="noopener noreferrer nofollow"> announced this development in a post on X</a> and noted the the prompt action was possible due to early detection when the suspicious transactions were flagged on the X.
A ZachXBT, a pseudonymous crypto influencer, had reported in a post <a style="color: #0000ff;" href="https://twitter.com/zachxbt/status/1752694489905528943/photo/1" rel="noopener noreferrer nofollow">on X </a>on January 31, 2024, that 213 million XRP coins (worth $112.5 million) were stolen from the Ripple platform. According to the report, the looted funds were dispersed across eight different wallets on various exchanges, including Binance, MEXC, Gate, OKX, Kraken, HitBTC, and HTX.
<blockquote class="twitter-tweet">
 It appears <a href="https://twitter.com/Ripple?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@Ripple</a> was hacked for ~213M XRP ($112.5M)
 Source address rJNLz3A1qPKfWCtJLPhmMZAfBkutC2Qojm
 So far the stolen funds have been laundered through MEXC, Gate, Binance, Kraken, OKX, HTX, HitBTC, etc <a href="https://t.co/HKGYsLQeMv" rel="noopener noreferrer nofollow">pic.twitter.com/HKGYsLQeMv</a>
 — ZachXBT (@zachxbt) <a href="https://twitter.com/zachxbt/status/1752694489905528943?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">January 31, 2024</a>
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ZachXBT’s announcement of the stolen funds on his X account. 
A few hours after ZachXBT’s report, Ripple Labs cofounder Chris Larsen <a style="color: #0000ff;" href="https://defi-planet.com/2024/02/ripple-security-breach-co-founder-faces-110-million-loss-in-personal-account-hack/" rel="noopener noreferrer nofollow">announced </a>that the hack resulted from “unauthorized access” to his personal accounts.&nbsp;&nbsp;
Larsen, as well as CEO Brad Garlinghouse, <a style="color: #0000ff;" href="https://x.com/bgarlinghouse/status/1752742971005665780?s=20" rel="noopener noreferrer nofollow">clarified</a> that no other accounts were affected. They reassured members of the crypto community that all the accounts maintained by Ripple were safe and that customers did not need to worry.&nbsp;
In his post, Teng expressed his gratitude to <a style="color: #0000ff;" href="https://twitter.com/zachxbt" rel="noopener noreferrer nofollow">ZachXBT</a> for playing a key role in raising awareness of the issue and outlining how the stolen funds were tracked. He also commended the Ripple team for working closely with Binance to resolve the issue.&nbsp;
Teng emphasized that the exchange would continue supporting Ripple in its investigations and efforts to recover the stolen funds.&nbsp;
<blockquote class="twitter-tweet">
 After finding out early on about the exploit that occurred at <a href="https://twitter.com/Ripple?ref_src=twsrc%5Etfw" 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" rel="noopener noreferrer nofollow">#Binance</a> team has managed to freeze $4.2 Million worth of <a href="https://twitter.com/search?q=%24XRP&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$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" rel="noopener noreferrer nofollow">@zachxbt</a>…
 — Richard Teng (@_RichardTeng) <a href="https://twitter.com/_RichardTeng/status/1753100751713517903?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">February 1, 2024</a>
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Binance CEO Richard Teng’s Announcement on the frozen stolen funds.
Following the announcement of the exploit, XRP’s price dropped by over 5% and went on to a downtrend from which it is yet to recover. According to CoinMarketCap <a style="color: #0000ff;" href="https://coinmarketcap.com/currencies/xrp" rel="noopener noreferrer nofollow">data</a>, the coin is currently trading at $0.5052.&nbsp;
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The post <a href="https://defi-planet.com/2024/02/binance-freezes-4-2-million-worth-of-xrp-following-recent-ripple-co-founder-account-hack/" rel="noopener noreferrer nofollow">Binance Freezes $4.2 million worth of XRP following recent Ripple Co-founder account hack</a> appeared first on <a href="https://defi-planet.com" rel="noopener noreferrer nofollow">DeFi Planet</a>.

Binance Freezes $4.2 million worth of XRP following recent Ripple Co-founder account hack

DeFi Planet

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