Binance Halts $4.2 Million in XRP After Security Breach

Freeze on Exploited Funds

Binance, a leading cryptocurrency exchange, has taken decisive action by freezing $4.2 million worth of the cryptocurrency XRP. This move was in response to the recent $120 million security breach that was brought to attention by the XRP Ledger developers. CEO Richard Teng has expressed the platform's dedication to aiding Ripple in their ongoing investigation and recovery efforts.

Ripple Executive's Wallet Hacked

The compromised XRP tokens were initially extracted from a wallet, and it was later disclosed that the wallet was owned by Ripple Labs Executive Chairman Chris Larsen. Larsen has confirmed the incident, highlighting that it was his personal XRP accounts that were affected, not the company's systems directly.

Investigative Trails

An investigator known as ZachXBT reported that a total of 213 million XRP tokens were moved from a significant wallet on the XRP Ledger blockchain. The stolen funds were then dispersed across various exchanges, including Binance, Kraken, and OKX, in a likely attempt to launder the illicit gains.