Binance Freezes $4.2M in XRP

Binance has taken action against the recent hacking of Ripple co-founder Chris Larsen’s personal wallet by freezing $4.2 million worth of XRP tokens.

The theft had been brought to light by on-chain researcher ZachXBT who noticed suspicious transactions that suggested hackers had stolen approximately 213 million XRP, equivalent to $112.5 million.

Larsen confirmed that the stolen funds were indeed his personal funds and that unauthorized access had been gained into several of his personal accounts.

He also commended the quick response in identifying the issue, blocking the assets on trading platforms, and involving law enforcement in the investigation.

Binance’s CEO, Richard Teng, expressed his gratitude to ZachXBT and the Ripple team for their cooperation in tracking the stolen tokens and promised to continue monitoring the remaining assets in the hackers’ wallets.

Larsen also confirmed that a “significant part” of the stolen funds had been frozen as a result of the swift action taken by Binance.