Crypto exchange Binance has frozen almost $4.2 million worth of stolen XRP in an effort to help Ripple recover the money that was stolen.
Richard Teng, the CEO of Binance, acknowledged the work of ZachXBT, the crypto detective who was the first to expose the Ripple hack, in an official post on X.
Teng formally announced the platform’s decision to freeze the ill-gotten money and thanked Ripple for working with other exchanges, like as Binance.
“The Binance team has managed to freeze $4.2 million worth of XRP that was stolen by the exploiter,” the speaker said.
“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.”
In December last year, Binance’s spot trading volume surged by over 38% month over month, reaching $428 billion.