Binance Freezes $4.2M in XRP Linked to $112M Ripple Hack
Cryptocurrency exchange Binance has taken action to freeze $4.2 million worth of XRP that was stolen in the recent hack on Ripple co-founder Chris Larsen’s wallet. This incident is considered the most significant hack of 2024.
Binance Helps Ripple Recover Stolen Assets
Binance CEO Richard Teng announced on social media that the exchange has successfully frozen $4.2 million worth of XRP that was stolen in the exploit. Teng expressed gratitude towards blockchain investigator ZachXBT and the Ripple team for their assistance.
Ripple Co-founder Chris Larsen’s XRP Stash Stolen in Security Breach
Chris Larsen, co-founder and executive chairman of Ripple, confirmed that his own funds were stolen in the security breach. The hack involved the gradual theft of XRP over a period of 10 hours before being deposited on various centralized exchanges.
Notably, the hackers did not follow the usual practice of quickly draining funds and using crypto mixers to cover their tracks. Binance has frozen some of the stolen funds, but it is unclear whether other exchanges have taken similar action.
Hot Take: Ripple Continues to Face Challenges
Ripple is not only dealing with this security breach but also facing legal proceedings with the U.S. Securities and Exchange Commission (SEC) regarding alleged violations of federal laws. While certain sections of the lawsuits have been dismissed, the status of institutional sales remains a point of contention in the ongoing legal battle.
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