Binance Takes Action: Freezes $4.2M in XRP Following $112M Ripple Hack In a shocking turn of events, Binance, one of the leading cryptocurrency exchanges, has
frozen $4.2 million worth of XRP. This move comes as a response to the
massive $112 million hack that targeted Ripple co-founder Chris Larsen's wallet, making it the most significant breach of 2024.
The XRP Ledger developers wasted no time and quickly alerted exchanges about the incident, urging them to
keep a close eye on deposits linked to the compromised wallets. Larsen himself confirmed the staggering loss of
213 million XRP, equivalent to over $112 million.
Binance CEO Richard Teng took to social media platform X
to announce the swift action, expressing gratitude towards blockchain investigator
ZachXBT and the Ripple team for their cooperation in tackling this breach. Ripple is not taking this lightly either. The company is reportedly in talks with multiple exchanges, seeking to
freeze funds associated with the hacker's address. Additionally, they have involved law enforcement agencies to ensure justice is served.
Despite this setback, Ripple's chief Brad Garlinghouse reassured users that their wallets remain secure. Meanwhile, Teng pledged unwavering support for Ripple's ongoing investigation efforts and vowed to
closely monitor remaining funds in the compromised wallets.
