$4.2 Million Worth of Stolen XRP Tokens Frozen on Binance

$4.2 million worth of XRP tokens that were stolen during an exploit earlier this week have been identified and frozen, said Binance CEO Richard Teng.

“We will continue to support Ripple in their investigations and their efforts to retrieve back the funds, including closely monitoring the majority of funds still in the exploiter’s external wallets in case they deposit to Binance,” Teng wrote in a post on Twitter last night.

After finding out early on about the exploit that occurred at @Ripple, we’re happy to say that the #Binance team has managed to freeze $4.2 Million worth of $XRP stolen by the exploiter.

We appreciate both the communities efforts in flagging it to exchanges – as always @zachxbt…

— Richard Teng (@_RichardTeng) February 1, 2024

Thomas Silkjaer, the head of analytics and compliance at the XRP Ledger Foundation, clarified that the attack was carried out on Ripple co-founder Chris Larsen’s personal wallets—not against Ripple, the company, or its users wallets.

It’s good news, to be sure. But it’s a small fraction of the $113 million in XRP that was stolen on Wednesday.

Larsen said on Twitter at the time that there “was unauthorized access to a few of my personal XRP accounts,” but ultimately clarified that the attack was not against Ripple itself.

XRP is currently trading for $0.5049, 1.8% higher than it was a day ago, according to CoinGecko. When the news initially broke on Wednesday, the token dropped 5%.

Binance has previously worked with law enforcement to track down and freeze funds linked to exploits. In October, the company froze accounts that police confirmed had been set up by Hamas and actively used for  fundraising through various social media platforms.

“We are committed to ensuring the safety and security not just of the blockchain ecosystem, but also the global community, through our proactive work,” a Binance spokesperson said at the time.

Stay on top of crypto news, get daily updates in your inbox.

Source: https://decrypt.co/215405/4-2-million-worth-of-stolen-xrp-tokens-frozen-on-binance