In response to a recent security vulnerability involving Ripple co-founder Chris Larsen, Binance, one of the world’s leading cryptocurrency exchanges, has frozen stolen XRP tokens valued at around $4.2 million.
In response to a recent security vulnerability involving Ripple co-founder Chris Larsen, Binance, one of the world’s leading cryptocurrency exchanges, has frozen stolen XRP tokens valued at around $4.2 million.
This decisive action was part of a broader collaborative effort between the crypto community and Ripple to address the breach quickly and effectively, according to Binance CEO Richard Teng.
Constant support and surveillance
Binance has committed to continuing to support Ripple during the investigation and recovery process.
This includes close monitoring of any activity involving the stolen funds, particularly monitoring of any deposits made to Binance from the exploiter’s external wallets.
This vigilant approach is part of Binance’s broader commitment to maintaining a secure ecosystem for cryptocurrency transactions, according to Teng.
By encouraging open communication and collaboration between projects and users, Binance aims to reinforce security measures across the industry and respond effectively to similar incidents in the future.
This year’s biggest hack so far
As Guru-Investingreported, Larsen went to X to confirm unauthorized access to several of his personal XRP accounts on Wednesday.
The stolen funds were reportedly laundered through several exchanges, causing a more than 5% drop in the market value of XRP. Despite this, the market showed resilience and XRP recovered some of its losses shortly after.
Ripple CEO Brad Garlinghouse addressed the community and clarified that no Ripple-managed wallets were compromised and emphasized the security of Ripple’s infrastructure.
This is the biggest cryptocurrency theft of the year so far. It led to a substantial theft of around 213 million XRP.
