Binance has successfully frozen millions of XRP tokens, the world-renowned cryptocurrency exchange announced in a tweet. This recovery support comes after the multi-million dollar hack of Ripple Network.
Binance freezes stolen funds
Binance CEO Richard Teng said in a Twitter post that the team was successful and managed to freeze $4.2 million worth of XRP tokens.
He showed massive support for Ripple in the investigation and promised to monitor the flow of funds from the current hacker’s address along with recovering the lost funds. He thanked on-chain investigator ZachXBT for alerting the community to the hack, and thanked the community for all their help.
Biggest hack of the year
Ripple, one of the well-known cryptocurrency networks, lost approximately 213 million XRP tokens worth approximately $112 million due to an exploit. This was the largest cryptocurrency theft so far in 2024.
jack xbt bankruptcy Hacking news. He pointed out that the hackers who stole millions of dollars laundered the stolen funds through exchanges. HTX, OKX, Binance, MEXC, Gate.io, HitBTC, etc. were used to transfer stolen cryptocurrencies.
Ripple wasn’t hacked with $112 million in XRP, but its co-founder was!
It was like that later during the day. clarify The stolen funds came from founder Chris Larsen’s wallet and not from the company, which has previously admitted to the hack.
Hackers gained unauthorized access to his XRP account and stole the amount. He also emphasized that law enforcement agencies have already intervened and the exchange has been notified of the asset freeze.
Binance Helping Cryptocurrency Hack Recovery Is Not New
This is not the first time Binance has reached out to a hacked company. History shows that Binance has helped in several cases, such as the Ronin network hack or the HTX Harmony Bridge attack, to recover funds.
This incident demonstrated how joint efforts by cryptocurrency platforms, communities, and law enforcement can help strengthen cryptocurrency security against hackers. Users are waiting to see what happens next in the Ripplr hack and how much more money will be recovered!