Binance Freezes Stolen Funds
In a recent tweet, Binance announced that it successfully froze $4.2 million worth of XRP tokens, aiding in the recovery effort following the hack on the Ripple Network.
Largest Hack of the Year
Ripple experienced a massive exploit, losing 213 Million XRP tokens valued at about $112 Million, making it the largest crypto theft of 2024 so far.
Ripple Was Not Hacked for $112M XRP, but its Co-Founder Was!
It was later clarified that the stolen funds were from founder Chris Larsen’s wallet, not from the company, and law enforcement was already involved in the investigation.
Binance Helping in the Recovery of Crypto Hacks is Not New
Binance has a history of assisting firms that have been hacked, and the recent incident highlights the importance of collaborative efforts in strengthening crypto security against hackers.
Hot Take: Binance Steps in to Freeze Stolen XRP in Ripple Network Hack
The recent actions of Binance to freeze millions of XRP tokens in the wake of the Ripple Network hack demonstrate the importance of quick and decisive responses to crypto theft. The collaborative efforts of crypto platforms, community, and law enforcement have the potential to make a significant impact on recovering stolen funds and enhancing security in the crypto space.
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