Binance has frozen $4.2 million worth of XRP tokens stolen from the Ripple co-founder’s wallet.
Posted: February 2, 2024 7:38 AM Updated: February 2, 2024 8:14 AM
Correction and fact check date: February 2, 2024, 7:38 AM
briefly
Richard Teng said Binance has identified and frozen $4.2 million worth of XRP tokens stolen from Ripple’s Chris Larsen’s personal wallet.
Richard Teng, CEO of cryptocurrency exchange Binance, reported that $4.2 million worth of XRP tokens stolen from Ripple co-founder Chris Larsen’s personal wallet had been identified and frozen earlier this week. . According to Richard Teng, a significant portion of the stolen funds remain in the exploiters’ external wallets, but diligent monitoring is being conducted to detect potential deposits to Binance.
The security breach, first identified by blockchain investigator ZachXBT, targeted Chris Larsen’s wallet address, resulting in the unauthorized transfer of approximately 213 million XRP tokens worth approximately $112.5 million. The funds were laundered through several cryptocurrency exchanges, including Binance, MEXC, Gate, Kraken, OKX, HTX, HitBTC, and others. We understand the seriousness of the situation and efforts are underway to resolve the incident and prevent further illegal activity.
In a post on social media platform Teng also acknowledged the joint efforts of the Ripple team, which works closely with Binance.
He also emphasized that Binance is committed to providing ongoing support to Ripple throughout the investigation process and plans to assist in recovering the funds.
Cryptocurrency Platform Navigates a Growing Security Threat Landscape
Over the past few years, cryptocurrency hacking has emerged as a widespread and serious threat, resulting in billions of dollars being stolen from cryptocurrency platforms and exposing vulnerabilities across the ecosystem.
According to the latest Chainalysis report, stolen funds in 2023 reached $1.7 billion, a decrease of approximately 54.3% compared to the previous year. However, despite this decrease, the number of individual hacking incidents increased from 219 in 2022 to 231 in 2023.
While the total amount stolen has decreased significantly, it is clear that attackers are becoming more sophisticated and diverse in their attack methods. Fortunately, cryptocurrency platforms are strengthening their security measures and response strategies to counter evolving threats.
Recently, attackers attempted to exploit the Bitfinex cryptocurrency exchange using XRP’s partial payment feature. However, this attempt failed as the intended transaction of approximately $15 billion worth of XRP from an unknown wallet to Bitfinex did not materialize. The attackers suspected that the exchange had misconfigured its software, which could cause partial payments to be processed incorrectly.
He also attempted to attack Binance with 58.9 billion XRP transfers, but this attempt also failed.
Recent security incidents in the cryptocurrency industry highlight the industry’s ongoing efforts to address and adapt to evolving threats, with one of the most effective solutions being collaboration between companies.
disclaimer
In accordance with the Trust Project Guidelines, the information provided on these pages is not intended and should not be construed as legal, tax, investment, financial or any other form of advice. It is important to invest only what you can afford to lose and, when in doubt, seek independent financial advice. We recommend that you refer to the Terms of Use and help and support pages provided by the publisher or advertiser for more information. Although MetaversePost is committed to accurate and unbiased reporting, market conditions may change without notice.
About the author
Alisa is a reporter for Metaverse Post. She focuses on everything related to investing, AI, metaverse, and Web3. Alisa holds a degree in Art Business and her expertise lies in the fields of art and technology. She developed a passion for journalism through her work with VCs, notable cryptocurrency projects, and science writing. You can contact us at (email protected).
more articles
alice davidson
Alisa is a reporter for Metaverse Post. She focuses on everything related to investing, AI, metaverse, and Web3. Alisa holds a degree in Art Business and her expertise lies in the fields of art and technology. She developed a passion for journalism through her work with VCs, notable cryptocurrency projects, and science writing. You can contact us at (email protected).
more articles