An Exploit Connected to XRP Ripple Causes Concern for Crypto Exchanges
Multiple crypto exchanges are working together to track $112.5 million in stolen assets connected to XRP issuer Ripple. Binance CEO Richard Teng revealed that his exchange froze accounts holding $4.2 million worth of Ripple’s XRP that was taken by unknown exploiters at the end of last month. Teng assured that Binance would continue collaborating with Ripple and other relevant parties to facilitate a comprehensive recovery process.
Gratitude Extended to Blockchain Sleuth ZachXBT
Richard Teng expressed his gratitude towards blockchain sleuth ZachXBT, who first identified the suspicious transactions on January 31. ZachXBT reported a theft of 213 million XRP and the subsequent dispersal of the funds across various exchanges.
Ripple Co-founder Clarifies Unauthorized Access to Personal Accounts
Ripple co-founder Chris Larsen acknowledged that the stolen funds were his own. He disclosed unauthorized access to his personal accounts but did not provide specific details about how the breach occurred.
An Unusual Hack Pattern and Legal Proceedings with SEC
The hack involving XRP deviated from the typical pattern by occurring over an extended period of time instead of draining funds rapidly. The exploiters also used crypto mixers like Tornado Cash to hide their tracks. Meanwhile, Ripple is still engaged in legal battles with the U.S. Securities and Exchange Commission (SEC) over alleged violations of federal laws related to digital asset sales.
SEC Dismisses Part of Lawsuit Against Ripple
The SEC recently dismissed one section of its lawsuits against Ripple and its executives, although the status of institutional sales remains disputed.
Hot Take: Ripple Faces Challenges from Exploit and SEC
Ripple, the issuer of XRP, is facing significant challenges as a result of an exploit that led to the theft of $112.5 million in assets. Multiple crypto exchanges are collaborating to track and recover the stolen funds. Binance, one of the affected exchanges, has frozen accounts holding $4.2 million in Ripple’s XRP. The exploit deviated from the usual hack pattern by occurring over an extended period and utilizing crypto mixers to obfuscate footprints.
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