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Binance exchange freezes $4.2 million worth of XRP that was stolen from Chris Larsen’s accounts

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.

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.

When ZachXBT first revealed a significant XRP theft, he was alluding to an attack within the Ripple ecosystem. In line with the detective’s tweet, Ripple experienced a cyberattack that resulted in the loss of almost 213 million XRP, or $112.5 million.

Chris Larsen subsequently confirmed, nevertheless, that “unauthorized access” to his personal accounts was the cause of the large theft.

In response, Larsen affirmed that the security of Ripple wallets and Ripple CEO Brad Garlinghouse reiterated that the wallets were uncompromised.

With this latest action, Binance has demonstrated its steadfast dedication to creating a “safe ecosystem.” Teng underlined the platform’s commitment to helping Ripple fix the problem by saying,

“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.

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Roland is a Public Relations & Communications guru with an immense passion for the blockchain and crypto industry. A fusion of his expertise and passion led to the dawn of Optimisus in 2020.