Binance Freezes $4.2 Million Worth of XRP After Hack
Cryptocurrency exchange Binance has taken action to freeze $4.2 million worth of XRP following a major hack that saw $112 million stolen from Ripple co-founder Chris Larsen’s personal wallet. Binance CEO Richard Teng made the announcement on social media, stating that the exchange successfully froze the address of the hacker, preventing further movement of the stolen funds. Teng expressed gratitude to the Ripple team and on-chain investigator ZachXBT for their collaborative efforts in addressing the issue.
Investigation into the Hack Continues
The head of analytics and compliance at the XRP Ledger Foundation, Thomas Silkjæ, clarified that the foundation initially investigated the issue and handed over data to Ripple to continue their investigation. It was initially believed that Ripple itself was hacked, but Larsen later clarified that it was his personal accounts that were affected.
Perpetrator’s Identity Still Unknown
There is limited information available about the hackers responsible for the breach. However, it has been noted that they did not use crypto mixer services or decentralized exchanges to conceal their identity.
Confusion Over Attribution Mix-Up
A mix-up in attributing the affected account as belonging to Ripple caused confusion among XRP block explorers. The account actually belonged to Chris Larsen, the co-founder and executive chairman of Ripple.
Hot Take: Ripple Hack Highlights Need for Enhanced Security Measures
The recent hack on Ripple co-founder Chris Larsen’s personal accounts serves as a reminder of the importance of robust security measures in the cryptocurrency industry. While Binance was able to freeze a portion of the stolen funds, other exchanges are yet to disclose their actions. This incident highlights the need for constant vigilance and collaboration between exchanges, investigative teams, and law enforcement agencies to prevent and address such breaches effectively.
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