Binance, the leading cryptocurrency exchange, has declared its commitment to aiding in the recovery of $4.2 million associated with the recent breach of the Ripple network.
In an announcement on the social media platform X (formerly Twitter), Binance CEO Richard Teng revealed that the exchange’s cybersecurity team successfully froze $4.2 million worth of pilfered $XRP. Teng assured continued support for Ripple’s investigative efforts to reclaim the funds, including vigilant monitoring of the exploiter’s external wallets on Binance.
Expressing appreciation for the efforts of blockchain data detector ZachXBT in identifying suspicious transactions, Teng acknowledged the collaboration in combating the security breach.
Ripple Lost $112.5 Million
Blockchain investigator ZachXBT reported on Wednesday that the Ripple network had fallen victim to a hack, resulting in the theft of approximately 213 million XRP, valued at $112.5 million. This security incident led to a 5% decline in the price of the Ripple XRP cryptocurrency.
ZachXBT detailed how the malicious actor transferred the stolen funds from an XRP wallet address to eight crypto wallet addresses. These assets were subsequently laundered through various crypto exchanges, including Binance, MEXC, Gate.io, Kraken, OKX, HTX, HitBTC, among others.
The security breach impacted the XRP cryptocurrency, causing a more than 5% drop in its price within 24 hours of ZachXBT uncovering the exploit. The current trading value of the asset stands at $0.499.
Ripple co-founder and executive chairman Chris Larsen acknowledged the exploit, clarifying that the affected wallet belonged to him personally and not the company. Additionally, he confirmed that an unauthorized party gained access to some of his XRP accounts. Larsen informed the public about Ripple’s ongoing investigation, with efforts underway to collaborate with crypto exchanges and involve law enforcement authorities in freezing the affected wallet addresses.
However, this incident is the latest addition to a series of crypto hacks discovered by ZachXBT, a dedicated on-chain detective committed to assisting the crypto community in mitigating security threats. In the past, ZachXBT has successfully contributed to the recovery of stolen funds after experiencing and surviving a rug pull.