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Binance and Ripple join forces to battle hackers

TL;DR

  • Binance and Ripple join forces to freeze $4.2 million in stolen XRP to aid recovery after a recent hack involving Chris Larsen.
  • ZachXBT uncovered the theft, with Ripple’s CEO confirming the safety of Ripple wallets.
  • Binance’s action aligns with its history of assisting troubled cryptosystems, reinforcing its commitment to crypto security.

In a significant development within the cryptocurrency space, Binance, one of the world’s leading crypto exchanges, has taken a strategic step to assist Ripple in recovering stolen funds. 

Following a recent hacking incident involving Ripple co-founder Chris Larsen, which sent shockwaves throughout the crypto community and the XRP Army, Binance CEO Richard Teng announced the freezing of approximately $4.2 million of stolen XRP.

Crypto Sleuth’s discovery and Ripple’s response

Chris Larsen clarified that the theft resulted from “unauthorized access” to his personal accounts, suggesting that the Ripple wallets remained secure.

Ripple CEO Brad Garlinghouse reiterated this stance, emphasizing that the Ripple wallets had not been “compromised.” Chris Larsen stood by Garlinghouse’s claims, reaffirming the safety of Ripple’s wallets. 

This clarification was essential to reassure the crypto community and maintain confidence in Ripple’s security measures.

Binance’s role in the recovery effort

Binance CEO Richard Teng appreciated ZachXBT’s diligent investigative work and acknowledged Ripple’s collaborative spirit in addressing the hack. In an official post on Binance’s platform, Teng confirmed the freezing of stolen XRP funds, stating,

“The Binance team has managed to freeze $4.2 million worth of XRP stolen by the exploiter.”

Teng affirmed Binance’s dedication to supporting Ripple in its investigative efforts and pursuing fund recovery. He emphasized their continued vigilance in monitoring the majority of funds in the exploiter’s external wallets, ready to act if any deposits are made to Binance. This proactive approach highlights Binance’s commitment to safeguarding crypto from malicious actors.

Binance’s track record of assisting troubled ecosystems

This recent collaboration with Ripple is not the first time Binance has demonstrated its enthusiasm for assisting distressed cryptocurrency ecosystems. In February 2023, the exchange played a pivotal role in helping Norwegian authorities recover $6 million from the Ronin network heist. 

Additionally, Binance lent its support to Huobi in combating the Harmony hackers, who had stolen $2.4 million in BTC. These actions underscore Binance’s dedication to upholding the security and integrity of the crypto industry.

Ensuring a safe cryptocurrency ecosystem

The cryptocurrency space has been marked by rapid growth and innovation, but it has also attracted the attention of hackers and malicious actors. Incidents like the recent XRP theft highlight the importance of collaborative efforts between leading cryptocurrency exchanges and blockchain projects to maintain a safe and secure environment for all participants.

Binance’s freezing of stolen XRP funds in cooperation with Ripple demonstrates the crypto industry’s commitment to swift action and solidarity in the face of security breaches. As the crypto community continues to evolve, such partnerships will play a crucial role in deterring and mitigating cyber threats, ultimately strengthening the trust and confidence of users and investors alike.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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Benson Mawira

Benson is a blockchain reporter who has delved into industry news, on-chain analysis, non-fungible tokens (NFTs), Artificial Intelligence (AI), etc.His area of expertise is the cryptocurrency markets, fundamental and technical analysis.With his insightful coverage of everything in Financial Technologies, Benson has garnered a global readership.

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