Binance Froze $4.2 Million in XRP Stolen From Ripple Co-Founder

Joshua Ramos
Source: Binance

Following the shocking hack that surfaced this week, Binance has said it was able to freeze $4.2 million in XRP that was stolen from Ripple co-founder Chris Larsen. Indeed, Binance CEO Richard Teng announced the frozen assets on Thursday. Specifically, he noted the massive total that the team was able to freeze from the exploit.

The theft was a massive story earlier this week, with initial reports stating that Ripple itself was hacked. However, shortly after, Larsen took to X (formerly Twitter) to clarify that it was his personal accounts that were exploited. In total, reports signal that around $112 million in XRP was stolen.

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Also Read: Ripple XRP: $100 Investments Turns Into $1.4 Million in Feb 2024

Binance Freezes $4.2 Million in XRP From $112 Million Heist

Earlier this week, the crypto industry was on red alert after reports of a Ripple hack had surfaced. The digital payment firm had not had the best start to 2024, and the news of a massive $112 million exploit certainly didn’t do it any favors. After clarifications, it was revealed that the company’s co-founder was targeted, as opposed to the company as a whole.

Now, not even a week after the theft took place, Binance has said it was able to freeze $4.2 million in XRP stolen from the Ripple co-founder. Indeed, Binance CEO Richard Teng took to X to share an update. There, he identified the funds that the exchange was able to hold and keep from the hacker.

Also Read: Binance Allows Large Traders To Keep Assets In Independent Banks

In the post, Teng noted the work of ZachXBT, a crypto investigator who first alerted the public of the exploit. Moreover, he noted that the Ripple team had worked in collaboration with the cryptocurrency exchange. Additionally, they noted that they will continue to work alongside Ripple in its investigation to retrieve more of the funds that were stolen.

Altogether, Binance was able to freeze 3.75% of the funds that were taken in the exploit. Details on the attack are scarce, with the subject, Larsen, and the amount stolen being the only true public details. Still, Ripple is said to be handling the investigation into the matter, and the location of the stolen assets.