XRP, a leading cryptocurrency, faced a significant theft when an official Ripple representative’s wallet was compromised, resulting in a multi-million XRP loss. The incident has prompted various exchanges to investigate, as the stolen funds were tracked across different platforms.
Binance, under the leadership of its new CEO Richard Teng, has taken swift action by freezing accounts linked to the stolen XRP, valued at approximately $4.2 million. This proactive measure has secured a portion of the stolen assets, equivalent to around 8.3 million XRP.
The company has pledged ongoing support to Ripple, aiming for a full recovery of the funds. Teng has emphasized Binance’s commitment to assisting Ripple in their investigative and recovery efforts, including monitoring for any deposits made by the attackers to Binance.
The Binance CEO also acknowledged blockchain investigator ZachXBT for detecting the suspicious transactions that led to the discovery of the theft of 213 million XRP and the dispersal of these funds across various exchanges.
Ripple’s co-founder, Chris Larsen, confirmed the stolen funds belonged to him, noting unauthorized access to his personal accounts. The attack, which utilized crypto mixers to conceal the stolen XRP, persisted for over 10 hours before the funds were moved to exchanges like Binance.