Ripple Hack Update: Here’s What Happened To Stolen XRP Tokens

The post Ripple Hack Update: Here’s What Happened To Stolen XRP Tokens appeared first on Coinpedia Fintech News

Binance successfully froze millions of XRP tokens and announced the world-famous cryptocurrency exchange Binance in a tweet. This assistance in recovery comes after the multimillion-dollar hack on the Ripple Network.

Binance freezes stolen funds

In a Twitter post, Binance CEO Richard Teng revealed that its team was successful and has managed to freeze $4.2 million worth of XRP tokens.

Along with showing his immense support to Ripple in their investigations and retrieving back the lost funds, he also promised to monitor the flow of funds now in the hacker’s address. Adding his gratitude to the on-chain investigator, ZachXBT, for notifying the community of the hack, he thanked the community for all the help offered.

Largest hack of the year

Ripple, one of the well-known crypto networks, fell victim to an exploit, losing about 213 Million XRP tokens valued at about $112 Million. This was by far the largest crypto theft of 2024 so far. 

Zach Xbt broke the news of the hack. He noted that the hacker stealing millions laundered the stolen funds through exchanges. HTX, OKX, Binance, MEXC, Gate.io, HitBTC, etc., were used to transfer the stolen crypto.

Ripple was not hacked for $112M XRP, but its co-founder was!

Later during the day, it was clarified that the stolen funds were from the founder, Chris Larsen’s wallet and not from the company, which had previously acknowledged the hack. 

The hackers gained unauthorized access to his XRP accounts and stole the amount. He also emphasized that law enforcement was already involved, and the exchanges were notified of the freeze of assets.

Binance helping in the recovery of crypto hacks is not new

It is not the first time that Binance has extended its hand to the firms that were hacked. History has seen that Binance has assisted on multiple occasions, like the Ronin network hack or HTX in harmony bridge attack, to recover funds.

The incident showcased how a collaborative effort from the crypto platforms, community, and law enforcement can help strengthen crypto security against hackers. Users await what goes next for the Ripplr hack and how much more funds will be recovered!