Binance Freezes Stolen XRP Tokens Worth $4.2 Million
Binance CEO Richard Teng has announced that $4.2 million worth of XRP tokens that were stolen during an exploit have been identified and frozen. Teng stated that Binance will continue to support Ripple in their efforts to retrieve the funds and will closely monitor the exploiter’s external wallets on their platform.
Attack Targeted Ripple Co-Founder’s Personal Wallets
Thomas Silkjaer, head of analytics and compliance at the XRP Ledger Foundation, clarified that the attack was carried out on Ripple co-founder Chris Larsen’s personal wallets and not against Ripple or its users’ wallets.
Small Recovery Amidst Large-scale Theft
The frozen funds represent only a small fraction of the $113 million in XRP that was stolen. Despite this, XRP’s price has increased by 1.8% to $0.5049, recovering slightly from the initial drop of 5% when the theft was first reported.
Binance’s Commitment to Security
Binance has a history of working with law enforcement to freeze funds linked to exploits. In October, they froze accounts associated with Hamas fundraising activities. The company remains committed to ensuring the safety and security of the blockchain ecosystem and the global community.
Hot Take: Binance Takes Swift Action to Freeze Stolen XRP Tokens
Binance has successfully identified and frozen $4.2 million worth of XRP tokens that were stolen during an exploit. This action demonstrates Binance’s commitment to supporting Ripple in their efforts to recover the funds and their dedication to ensuring the safety and security of the crypto community. While this recovery is positive news, it only represents a small portion of the total amount stolen. Nevertheless, XRP’s price has shown a slight recovery following the incident. Binance’s proactive approach in freezing funds linked to exploits highlights their ongoing commitment to maintaining a secure blockchain ecosystem.
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