Binance Freezes $4.2M In Stolen XRP Linked To $120M Hack – Benzinga
Binance CEO Richard Teng on Friday announced the crypto exchange froze $4.2 million in XRP XRP/USD tokens linked to the recent $120 million security breach.
Teng said on X, formerly known as Twitter, that XRP Ledger's developers, responsible for maintaining the blockchain utilizing XRP, alerted exchanges to be vigilant for deposits from wallets associated with the hacker.
"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," he said.
The stolen tokens reportedly originated from a wallet compromised earlier this week.
Also Read: Raoul Pal Says 60% Chance Bitcoin Hits $150K, Sees Millennial Cohort As 'Biggest Buyers Of This Stuff'
This wallet was later verified as belonging to Chris Larsen, Ripple Labs executive chairman.
Larsen confirmed the security breach, specifying that his "personal XRP accounts" were affected, not Ripple itself.
Blockchain investigator ZachXBT, in a Wednesday post, reported approximately 213 million XRP tokens were extracted from a significant wallet on the XRP Ledger blockchain.
The stolen funds were then dispersed across various exchanges, including Binance, Kraken and OKX.
Read Next: Bankrupt Genesis Global Agrees To $21M SEC Settlement Over Lending Program
Photo: Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.