Business News Report
February 02, 2024

Binance Freezes $4.2M Worth of XRP Tokens Stolen from Ripple Co-Founder’s Wallet

Binance Freezes $4.2M Worth of XRP Tokens Stolen From Ripple Co-Founder’s Wallet

Cryptocurrency exchange Binance’s CEO Richard Teng, reported that the $4.2 million worth of XRP tokens stolen from the personal wallet of Ripple co-founder Chris Larsen earlier this week were identified and frozen. According to Richard Teng, while a significant portion of the stolen funds remains in the exploiter’s external wallets, diligent monitoring is being conducted to detect any potential deposits to Binance. 

The security breach, first identified by blockchain investigator ZachXBT, targeted Chris Larsen’s wallet address, resulting in the unauthorized transfer of around 213 million XRP tokens, valued at approximately $112.5 million. The funds were laundered through multiple cryptocurrency exchanges, including Binance, MEXC, Gate, Kraken, OKX, HTX, HitBTC, and others. Understanding the gravity of the situation, efforts are underway to address the incident and prevent further illicit activities.

In the post on social media platform X, Richard Teng acknowledged and commended the collaborative efforts of both the Ripple and Binance communities in promptly flagging the security breach to exchanges. Additionally, Teng acknowledged the collaborative efforts of the Ripple team in working closely with Binance. 

He further highlighted that Binance remains committed to providing continuous support to Ripple throughout the investigation process and intends to assist in the recovery of the funds. 

Crypto Platforms Navigate Rising Security Threat Landscape

Over the last years, cryptocurrency hacking has emerged as a prevalent and significant threat, resulting in the theft of billions of dollars from cryptocurrency  platforms and exposing vulnerabilities across the ecosystem.

According to the latest Chainalysis report, there has been a notable decrease of approximately 54.3% in funds stolen in 2023 compared to the previous year, amounting to $1.7 billion. However, despite this decline, the number of individual hacking incidents increased from 219 in 2022 to 231 in 2023.

While the total amount stolen witnessed a substantial decrease, it is evident that attackers are advancing in sophistication and diversifying their exploit methods. Encouragingly, cryptocurrency platforms are also enhancing their security measures and response strategies to counteract these evolving threats.

Recently, an attacker attempted to exploit the Bitfinex cryptocurrency exchange using XRP’s partial payments feature. However, the attempt failed as the intended transaction of nearly $15 billion worth of XRP from an unknown wallet to Bitfinex did not materialize. The attacker anticipated that the exchange might misconfigure its software, leading to incorrect processing of partial payments.

He also tried to attack Binance with a 58.9 billion XRP transfer, but this attempt also failed.

The recent security incidents in the crypto space highlight the industry’s ongoing efforts to address and adapt to evolving threats, with collaboration between the entities being among the most effective solutions.

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Alisa is a reporter for the Metaverse Post. She focuses on investments, AI, metaverse, and everything related to Web3. Alisa has a degree in Business of Art and expertise in Art & Tech. She has developed her passion for journalism through writing for VCs, notable crypto projects, and scientific writing. You can contact her at [email protected]

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Alisa Davidson
Alisa Davidson

Alisa is a reporter for the Metaverse Post. She focuses on investments, AI, metaverse, and everything related to Web3. Alisa has a degree in Business of Art and expertise in Art & Tech. She has developed her passion for journalism through writing for VCs, notable crypto projects, and scientific writing. You can contact her at [email protected]

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