Binance froze $4.2 million of XRP stolen in attack on Ripple co-founder

Binance announced connected Feb. 1 that it has frozen $4.2 cardinal of XRP that was stolen from a Ripple enforcement 1 time earlier.

Binance CEO Richard Teng said:

“After uncovering retired aboriginal connected astir the exploit … we’re blessed to accidental that the Binance squad has managed to frost $4.2 Million worthy of XRP stolen by the exploiter.”

Teng said that Binance volition proceed to enactment ongoing investigations and efforts to retrieve the funds. He added that Binance volition monitor funds that stay successful the exploiter’s outer wallets — the bulk of the funds stolen — successful lawsuit immoderate much of that magnitude is deposited to the crypto exchange.

The original hack progressive a theft of $112 cardinal worthy of XRP, meaning that Binance lone froze astir 3.75% of the stolen funds.

Teng erroneously identified the exploit arsenic targeting Ripple itself. XRP Ledger Foundation subordinate Thomas Silkjær corrected him, noting that the onslaught targeted Larsen’s ain XRP addresses alternatively than Ripple’s firm XRP accounts. Various Ripple members stated that information successful comments yesterday.

Teng acknowledged the correction, writing: “Appreciate [the] enactment connected wording — to clarify, these were [Larsen’s] idiosyncratic wallets that were exploited.”

Ripple is present liable for investigation

Silkjaer said that the XRP Ledger Foundation has handed each information to Ripple, meaning that the second is present liable for starring the investigation.

Silkjaer besides denied that on-chain sleuth ZachXBT played a important relation successful responding to the incident. Whereas Teng said that ZachXBT flagged exchanges astir the theft, Silkjær said that ZachXBT “carelessly published connected societal media” 1 time aft the onslaught occurred and the probe began.

Details of the onslaught are mostly unknown. Ripple and associated parties person not posted further details since acknowledging the onslaught yesterday.

Though immoderate sources person reported a driblet successful XRP prices, the token is up 0.5% implicit 24 hours. By comparison, the crypto marketplace is up 0.7%.

The station Binance froze $4.2 cardinal of XRP stolen successful onslaught connected Ripple co-founder appeared archetypal connected CryptoSlate.