Binance Freezes $4.2 Mln Stolen XRP After Hack, CEO Lauds XRPL’s Efforts

Binance CEO Richard Teng recently revealed that the exchange froze $4.2 million worth of stolen XRP tokens after the recent hack. In addition, he lauded the swift response of the XRP Ledger Foundation to a recent security breach involving Ripple Labs Co-Founder Chris Larsen’s personal wallets. Furthermore, Teng shed light on the community’s effort in handling the case, highlighting Zach XBT’s role in flagging the incident to the exchange.

Binance Freezes $4.2 Million Worth Of Stolen XRP Funds After Hack

In a post on X, Richard Teng noted that the leading crypto exchange successfully managed to freeze $4.2 million worth of stolen XRP. Furthermore, Teng expressed support for Ripple’s investigations and commitment to monitoring the exploiter’s external wallets closely. Moreover, Teng emphasized the dedication to a secure ecosystem, urging projects and users to promptly report such incidents.

He stated, “Our team is firmly dedicated to supporting a safe ecosystem, so we always encourage projects and users to reach out to us in instances like this.” Whilst, Teng urged the community to stay alert to avoid such incidents and concluded his post by adding, “Stay SAFU!”

Quoting the previous post, the Binance gave an “extra shoutout” to the XRP Ledger Foundation for “all their great work on this case.” Moreover, he expressed gratitude for Zach XBT and added, “We appreciate both the communities’ efforts in flagging it to exchanges – as always Zach XBT did a great job.” In addition, the Binance CEO acknowledged XRPL’s Head of Analytics and Compliance, Thomas Silkjaer’s clarification on the exploited wallets, which belonged to Chris Larsen and not Ripple.

Also Read: Binance’s UK Comeback Stalled by Regulatory Compliance Woes

What Actually Happened In The Ripple’s XRP Hack Case?

Earlier this week, there were reports indicating a significant breach in Ripple, alleging a loss of $112.5 million worth of XRP tokens in a wallet hack. The initial source of the breach was identified as the address “rJNLz3….ojm.” Whilst, the incident led to a 4% drop in the XRP token’s value.

However, Ripple’s CEO, Brad Garlinghouse, swiftly countered these claims, stating that no wallets were compromised in the purported hack. Garlinghouse’s response aimed to quell concerns and clarify the security status of Ripple’s platform. Thereafter, it was revealed that the compromised accounts were Chris Larsen’s personal accounts.

Also Read: Ripple Faces $112.5M XRP Theft, Chris Larsen Responds