• About
  • Contact
  • Privacy Policy
  • Terms and Conditions
Sunday, June 1, 2025
The VR Soldier
  • Featured
  • News
  • Education
  • NEAR Protocol
  • Solana
  • Fantom
  • Yield Farming
  • Reviews
  • Press Releases
No Result
View All Result
  • Featured
  • News
  • Education
  • NEAR Protocol
  • Solana
  • Fantom
  • Yield Farming
  • Reviews
  • Press Releases
No Result
View All Result
The VR Soldier
No Result
View All Result

Binance Freezes $4.2 Million in XRP Stolen from Ripple’s Co-founder

Jordan Avery by Jordan Avery
February 3, 2024
in News
Reading Time: 4 mins read
0
binance-xrp-ripple-hack 1
Share on TwitterShare on Facebook

On January 31, an unknown group hacked the personal wallet of the co-founder of the fintech Ripple, stealing more than $120 million. On February 1st, on the other hand, Binance, the well-known cryptocurrency exchange froze $4.2 million worth of XRP in the account of a hacker who hacked the personal wallet of Ripple co-founder Chris Larsen. The new CEO of the trading platform, Richard Teng, wrote about this on X (formerly Twitter).

After finding out early on about the exploit that occurred at @Ripple, we’re happy to say that the #Binance team has managed to freeze $4.2 Million worth of $XRP stolen by the exploiter.

We appreciate both the communities efforts in flagging it to exchanges – as always @zachxbt…

— Richard Teng (@_RichardTeng) February 1, 2024

Interesting Turn of Events

As it turned out, the first to investigate the incident were the developers of XRP Ledger, who support the entire ecosystem of the project. This was said by the head of the project’s analytics department, Thomas Silker, in response to a post by the CEO of Binance, who did not mention such a detail. 

“We will continue to support Ripple in their investigations and recovery efforts, including closely monitoring the majority of funds still in the operator’s external wallets in case they are withdrawn to Binance,” the crypto exchange CEO added. 

Initially, on January 31, ZachXBT wrote that hackers allegedly hacked Ripple and stole 213 million XRP ($112 million).

XRP-BINANCE-RIPPLE-HACK
source: zachxbt on X platform

However, this was followed by a message from Larsen, who stated that his personal accounts, not the companies, were under attack. It was an on-chain detective well-known in the crypto community who, during his own investigation, found the address of the attacker. Thanks to this, Binance was able to freeze the stolen funds on it.

Hackers Laundered Money through Multiple Centralized Platforms Including Binance

In order to hide his identity, the attacker did not use cryptomixers or decentralized exchanges (DEX). Instead, he laundered funds through centralized platforms including Binance, MEXC, Gate.io, Kraken, OKX, HTX and HitBTC. Apart from Binance, none of the platforms mentioned have yet shared information regarding the identification or freezing of funds associated with the hack.

Previously, unknown people tried to hack the $15 billion Bitfinex crypto exchange using the partial payments function in XRP tokens. Blockchain security experts noticed an unusual transaction of 25.6 billion XRP.

Crypto Wallets are in Danger

Specialists from Kaspersky Labs spoke about new malicious software for stealing access to crypto wallets. They found a pirated program for the macOS system, with the help of which hackers gain access to the user’s computer password, and subsequently to all data.

Also, analysts this week summed up the results of January. Thus, as a result of hacker attacks in the first month of 2024, decentralized projects lost a total of $38.9 million. The largest hack was the exploit of the gaming platform on Polygon – GAMEE. The attackers stole more than $7 million.

Tags: Binance freezes XRPCrypto wallet securitycryptocurrencyexchange hacks XRPLedger investigationRipple co-founder hack
Previous Post

Fantom Lachesis: Unveiling the Exciting aBFT Consensus Power

Next Post

Jupiter (JUP) Surges on Solana and The Airdrop Sparks Debate

Related Posts

Solana Price Prediction:Is the $200 Dream Dead
News

Solana Price Prediction:Is the $200 Dream Dead?

May 31, 2025
Featured

Netflix Casts Leads for FTX Drama

May 30, 2025
Featured

Trump’s Meme Coin Dinner Under Investigation

May 29, 2025
Altseason Is Here—But Only for a Few Minutes
News

Altseason Is Here—But Only for a Few Minutes

May 28, 2025
Bitcoin Shakes as Trump Talks Tariffs Again
Featured

Bitcoin Shakes as Trump Talks Tariffs Again

May 27, 2025
Bitcoin Price Prediction For The Holiday—Breakout or Breakdown Coming
Market Analysis

Bitcoin Price Prediction For The Holiday—Breakout or Breakdown Coming

May 26, 2025

Press Releases

Bitcoin Gains Ground as Job Market Wobbles—Digital Gold to the Rescue?
News

Bitcoin Gains Ground as Job Market Wobbles—Digital Gold to the Rescue?

by Alex Mercer
May 25, 2025

Introduction It seems the U.S. labor market has hit a pothole—again. The Kansas City Fed’s Labor Market Conditions Index (LMCI)...

Read more
Altcoin Season Is Loading—But First, Let Bitcoin Do Its Thing

Altcoin Season Is Loading—But First, Let Bitcoin Do Its Thing

May 23, 2025
Dogecoin’s Ready to Bark Again—Could $0.30 Be the Next Fetch?

Dogecoin Ready to Bark Again—Could $0.30 Be Next

May 20, 2025
Ethereum Climbs While PEPE Reloads—Who's About to Explode

Ethereum Climbs While PEPE Reloads—Who’s About to Explode?

May 18, 2025
Trump Meme Coins Spark Calls for Treasury Review

Trump Meme Coins Spark for Treasury Review

May 15, 2025
The VR Soldier

© 2024 The VR Soldier

Navigate Site

  • About
  • Contact
  • Privacy Policy
  • Terms and Conditions

Follow Us

No Result
View All Result
  • Featured
  • News
  • Education
  • NEAR Protocol
  • Solana
  • Fantom
  • Yield Farming
  • Reviews
  • Press Releases

© 2024 The VR Soldier