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Cryptocurrency exchange Binance has helped secure over $4.2 million worth of XRP tied to the recent hack of Ripple co-founder Chris Larsens personal crypto accounts. The exchange also stated they are supporting law enforcements ongoing investigation.

Highlights:

On February 1st, word spread that Chris Larsen, a Ripple executive, had several private XRP wallets compromised, resulting in the theft of more than $112 million worth of the token. Additionally, Larsen confirmed the breach on X, as Ripple worked with exchanges like Binance to track the stolen funds.

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An examination of on-chain flows by blockchain investigator ZachXBT first discovered that over 213 million XRP had been drained from Larsens accounts in the attack. The perpetrators then tried obfuscating the money trail by shuffling the ill-gotten XRP through exchange services like MEXC, Kraken, and Binance.

Binance CEO Richard Teng has now revealed that, upon being alerted by ZachXBT and others, Binance has acted swiftly to identify and freeze $4.2 million worth of the stolen XRP that ended up on its trading platform.

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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 exploiters external wallets, Teng pledged via tweet.

The exchange is also providing active coordination with Ripple Labs, and law enforcement is working to track down where the bulk of stolen tokens reside.

Teng positioned Binances rapid response and open collaboration with Ripple as representative of its firm dedication to supporting a safe ecosystem.

Milk Road Writer

Vignesh has been a seasoned professional in the crypto space since 2017. He has been writing for over 5 years and specializes in writing and editing various types of crypto content, including news articles, long-form pieces, and blog posts, all focused on sharing the beauty of blockchain and crypto.

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Binance Freezes $4.2M of Ripple Hack Proceeds, Aids Investigation - Milk Road