Binance Ripple XRP Exploit: A Tale of Frozen Assets and Unfolding Probes
In an interesting turn of events, Binance, the cryptocurrency exchange, has immobilized $4.2 million in XRP. This action follows the shocking theft of $112 million from Ripple co-founder Chris Larsen’s personal wallet due to the Binance Ripple XRP exploit. Binance’s CEO, Richard Teng, announced the decision on social media, showcasing the success of freezing the thief’s address, thereby stopping any further transfers of the stolen money. Though initially thought to be a hacking incident involving Ripple, Larsen clarified that it was his personal accounts that were affected, not the company itself. This incident has drawn significant attention from the crypto community, sparking a joint investigation between on-chain investigator ZachXBT and the Ripple team. As the Binance Ripple XRP exploit continues to unfold, it remains uncertain if other exchanges like OKX and Kraken have detected or frozen any funds linked to the exploit. Ripple has decided to take on the further investigation of the exploit, after receiving data from the XRP Ledger Foundation.
Continue Reading…
