Binance CEO Freezes Stolen Crypto
Last week, Ripple co-founder Chris Larsen reported unauthorized access to his personal XRP accounts. Binance CEO Richard Teng announced that his platform successfully froze $4.2 million of the stolen funds and expressed support for Ripple’s investigations.
Stolen XRP Worth $112 Million
Approximately 213 million XRP tokens, valued at $112 million, were transferred out of Larsen’s personal holdings. In response, Binance CEO Richard Teng announced the successful freezing of a portion of the stolen funds.
Collaboration with Ripple
Teng commended the community’s effort in flagging the exploit to exchanges and praised the collaboration between Binance and Ripple. He assured continued support for Ripple in their investigations and efforts to recover the funds.
XRP Ledger Foundation’s Handover
The head of analytics and compliance at the XRP Ledger Foundation, Thomas Silkjær, acknowledged Teng’s actions and clarified that the compromised accounts were personal accounts of Chris Larsen, not an exploit at Ripple. Silkjær also mentioned that Ripple is leading the investigation after the foundation completed a handover of data.
Importance of Caution
Silkjær emphasized the importance of caution during security breaches, stating that it is reckless to publish information right away as it may influence the attackers’ methodology.
Hot Take: Collaboration and Support in the Crypto Community
The incident involving the unauthorized access to Chris Larsen’s XRP accounts highlights the collaboration and support within the crypto community. Binance CEO Richard Teng’s swift action in freezing a portion of the stolen funds demonstrates the commitment to protecting users and assisting in investigations. It also serves as a reminder of the importance of caution and responsible disclosure during security breaches. The ongoing collaboration between Binance and Ripple showcases the community’s dedication to maintaining the integrity of the crypto ecosystem.
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