Binance Freezes $4.2 Million Worth of XRP

Earlier this week, more than $112 million worth of XRP was stolen from the wallet of Ripple Labs Executive Chairman Chris Larsen. Binance quickly took action and announced that they have frozen $4.2 million worth of XRP.

Following a major hack incident in which over $112 million worth of XRP was stolen from Ripple Labs Executive Chairman Chris Larsen, Binance froze $4.2 million worth of XRP obtained from the hack.

Binance CEO Richard Teng announced on platform X that $4.2 million worth of XRP tokens had been frozen due to the exploit. Teng also thanked the ZachXBT account for shedding light on the incident.

”We will continue to support Ripple in their investigations and their efforts to retrieve back the funds, including closely monitoring the majority of funds still in the exploiter’s external wallets in case they deposit to Binance.”

The hacker behind the exploit did not use any mixer services or decentralized exchanges to hide their identity. Recently, most exploiters have stopped using centralized exchanges due to the fear of account freezes. Crypto detective ZachXBT revealed that the affected account was tagged as a Ripple asset on XRPScan and Bithomp under Ripple’s feature.

According to ZachXBT, the thieves stole a total of approximately 213 million XRP, worth about $112.5 million. Later, the hackers attempting to launder these stolen XRP used at least seven different cryptocurrency exchanges, including MEXC, Gate, Binance, Kraken, OKX, HTX, and HitBTC.

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