Richard

Tornado Cash

Tornado

An exploit connected to XRP issuer Ripple has crypto exchanges on alert as multiple platforms collaborate to track $112.5 million in stolen assets.&nbsp;
Binance CEO Richard Teng said his exchange froze accounts with $4.2 million in Ripple’s <a href="https://crypto.news/price/xrp/" target="_blank" rel="noopener noreferrer nofollow">XRP</a> siphoned by unknown exploiters late last month. The amount comes to nearly 8.3 million XRP.
Teng promised his company would continue working with Ripple and relevant parties to facilitate a thorough recovery.&nbsp;
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 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. <cite>Richard Teng, Binance CEO</cite>
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You might also like: <a href="https://crypto.news/ripples-co-founder-confirms-113m-theft-xrp-down-5/" rel="noopener noreferrer nofollow"> Ripple’s co-founder confirms $113m theft, XRP down 5% </a>
The Binance CEO also extended gratitude to blockchain sleuth ZachXBT, who first flagged the suspicious transactions on Jan. 31, as <a href="https://crypto.news/ripples-co-founder-confirms-113m-theft-xrp-down-5/" rel="noopener noreferrer nofollow">reported</a> by crypto.news. Zach published findings of a 213 million XRP theft and subsequent disbursement of the funds across exchanges.&nbsp;
Ripple co-founder and executive chairman Chris Larsen clarified that the funds were his shortly after. Larsen disclosed unauthorized access to his personal accounts but withheld specifics on how the breach happened.&nbsp;
The event has been odd since it deviated from the general hack pattern, draining funds as fast as possible and utilizing crypto mixers like Tornado Cash to obfuscate footprints.&nbsp;The hack occurred over an extended period, and exploiters stole XRP for at least 10 hours before depositing on centralized exchanges like Binance.&nbsp;
In other Ripple-related news, XRP’s issuer is still <a href="https://x.com/Belisarius2020/status/1753049897606201694?s=20" target="_blank" rel="noopener noreferrer nofollow">embroiled</a> in legal proceedings with the U.S. Securities and Exchange Commission (SEC) over digital asset sales allegedly <a href="https://crypto.news/live/ripple-vs-sec/" rel="noopener noreferrer nofollow">violating</a> federal laws. The status of institutional sales remains in contention after Judge Analisa Torres ruled that retail and exchange sales did not constitute an investment contract.
However, the SEC <a href="https://crypto.news/sec-drops-lawsuit-against-ripple-and-its-execs/" rel="noopener noreferrer nofollow">dismissed</a> one section of its lawsuits against Ripple and its executives.
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 • Ripple filed a Response on 19 January arguing amongst other things that discovery of the post complaint institution contracts would lead to a mini-trial of the legality of its post contract sales to institutions. These will mostly be contracts with and sales to ODL customers…— bill morgan (@Belisarius2020) <a href="https://twitter.com/Belisarius2020/status/1753049897606201694?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">February 1, 2024</a>
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Read more: <a href="https://crypto.news/ripples-top-lawyer-scrutinizes-secs-courtroom-defeats-during-gensler-tenure/" rel="noopener noreferrer nofollow"> Ripple’s top lawyer scrutinizes SEC’s courtroom defeats during Gensler tenure </a>

Binance freezes $4.2m in stolen XRP

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