Binance Has Locked Down $4.2 Million in XRP That Was Illegally Taken from the Wallet of Ripple's Co-Founder

The CEO of the cryptocurrency exchange Binance recently reported that they managed to freeze $4.2 million worth of XRP that was taken from Chris Larsen's wallet earlier this week. Richard Teng explained that while a considerable portion of the stolen funds is still held in the thief's external wallets, they are keeping a close watch for any movements toward Binance. Richard Teng The security breach, initially uncovered by blockchain investigator ZachXBT, focused on Chris Larsen's wallet address, leading to the unauthorized movement of approximately 213 million XRP tokens, estimated to be worth around $112.5 million. These assets were funneled through various cryptocurrency exchanges such as Binance, MEXC, Gate, Kraken, OKX, HTX, HitBTC, and others. Recognizing the seriousness of the event, Binance is taking measures to tackle the situation and thwart any further criminal endeavors. Ripple co-founder After quickly discovering the exploit that hit their system, Binance managed to lock down $4.2 million worth of

We truly value the efforts of the community in notifying exchanges about this incident.

Acknowledging and praising the swift action taken by both the Ripple and Binance communities in alerting exchanges to the security breach, Teng also recognized the joint efforts made by the Ripple team in collaborating with Binance. @Ripple , we’re happy to say that the #Binance He further emphasized that Binance is dedicated to providing unwavering support to Ripple during the inquiry and aims to assist in the recovery of the lost assets. $XRP stolen by the exploiter.

Cryptocurrency Platforms are Grappling with Increasing Security Risks @zachxbt …

— Richard Teng (@_RichardTeng) February 1, 2024

In the post on social media platform X, Richard Teng In recent years, cryptocurrency hacking has become a common and serious threat, with billions being stolen from various platforms, revealing weaknesses across the entire ecosystem.

According to the latest Chainalysis report, there has been a marked decline of around 54.3% in the total amount of stolen funds in 2023 compared to the prior year, now at $1.7 billion. Despite this drop in funds, the number of hacking incidents surged from 219 in 2022 to 231 in 2023. Ripple While the valuation of stolen assets has significantly decreased, it’s clear that cybercriminals are becoming increasingly sophisticated and diversifying their methods. Thankfully, crypto platforms are also bolstering their security protocols and response strategies to combat these emerging threats.

In a recent attempt, a hacker sought to exploit XRP's partial payment feature on a cryptocurrency exchange, aiming to transfer nearly $15 billion worth of XRP from an unknown wallet to Bitfinex. However, this attempt was unsuccessful as the anticipated transaction did not occur. The hacker hoped for a misconfiguration in the exchange's software that would lead to erroneous handling of partial payments.

He also attempted to target Binance with a transfer of 58.9 billion XRP, but that endeavor also did not succeed.

The recent security breaches in the cryptocurrency sector underscore the industry's relentless pursuit to adapt and respond to evolving threats, with collaboration among different entities proving to be one of the most effective strategies. report Please keep in mind that the information on this page is not intended to serve as legal, tax, investment, financial, or any other form of advice. It's crucial to invest only what you can afford to lose and to seek independent financial advice if you're uncertain. For additional details, we recommend reviewing the terms and conditions as well as the help and support resources offered by the issuer or advertiser. MetaversePost is dedicated to delivering accurate and unbiased reporting, but please note that market conditions can change without prior notice.

Alisa, a passionate journalist at Cryptocurrencylistings, focuses on areas such as cryptocurrency, zero-knowledge proofs, investments, and the vast landscape of Web3. With her sharp insight into emerging trends and technologies, she ensures thorough coverage to keep readers informed and engaged in the fast-changing world of digital finance.

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