Cryptocurrency exchange Binance has frozen $4.2 million worth of XRP, tracing back to a massive $112 million heist from Ripple co-founder Chris Larsen’s personal wallet on Jan. 31, marking the most significant cryptocurrency hack of 2024 to date.
The swift action by Binance came to light through a post by CEO Richard Teng on the social media platform X, where he disclosed the freezing of the exploiter’s address. Teng extended his gratitude towards on-chain detective ZachXBT and the Ripple team for their pivotal roles in coordinating this effort, showcasing the power of community and collaboration in tackling cyber threats within the cryptocurrency space.
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
The hack initially stirred widespread speculation and misinformation, with some reports mistakenly suggesting that Ripple’s systems or the XRP token itself had been compromised. However, Larsen later clarified that the breach targeted his personal accounts, separating the incident from the company’s operational integrity.
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Thomas Silkjær, leading the analytics and compliance department at the XRP Ledger Foundation, chimed in on the discussions, pointing out that it was the foundation that initiated the probe into the breach. This highlights the collective effort among various entities in the cryptocurrency ecosystem to address and mitigate the repercussions of the hack.
Thank you for acting quickly and responsibly. This tweet is a bit ambiguous. 1) The compromised accounts are personal accounts of @chrislarsensf – not an exploit at @Ripple 2) The initial investigation was done by @XRPLF and initiated as it was happening – not carelessly… — Thomas Silkjær (@Silkjaer) February 1, 2024
In an unusual twist, the perpetrator did not employ cryptocurrency mixing services or decentralized exchanges to obscure their tracks—a common tactic among hackers to evade detection. This oversight allowed on-chain analysts and exchanges to trace and freeze a portion of the illicitly obtained funds.
ZachXBT’s investigation further unraveled that the exploited account was erroneously tagged as belonging to Ripple on blockchain explorers like XRPScan and Bithomp, adding layers of confusion to the already complex situation.
Larsen revealed that the hackers managed to siphon off 213 million XRP from his personal holdings. In response, Ripple has been actively engaging with various cryptocurrency exchanges to immobilize the exploiter’s address and has notified law enforcement agencies to pursue further action.
The exploiters attempted to launder the stolen XRP through multiple exchanges, including MEXC, Gate.io, Binance, Kraken, OKX, HTX, and HitBTC, as per ZachXBT’s findings. While Binance has successfully intercepted and frozen a portion of the funds, the stance of other exchanges like OKX and Kraken in responding to the hack remains undisclosed.
This incident not only underscores the vulnerabilities faced by individuals within the crypto space but also the resilience and quick action of the community in safeguarding assets against cyber threats. As the situation unfolds, the cryptocurrency community watches closely, awaiting further developments and hoping for a resolution that strengthens the security framework surrounding digital assets.
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