Binance Saves the Day: Stopping $4.2M XRP Theft in its Tracks!

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Cryptocurrency trading platform Binance recently successfully prevented the theft of approximately $4.2 million worth of XRP (a cryptocurrency) from Chris Larsen, the head of Ripple’s XRP wallets.

And Binance CEO Richard Teng has recently revealed this through one of his posts. And said that they soon discovered the theft and froze the entire property that the hackers were attempting to steal.

The Ripple Chairman’s Hack

On the 30th of last month, the personal XRP account of Ripple Chairman Chris Larsen was hacked.
But it came to light the next day on January 31, when a prominent blockchain spy ‘ZachXBT’ drew everyone’s attention to the incident. And the chairman made it clear that the wallets targeted by the hackers were his personally.

What did the hackers do?

The entire assets stolen by the hackers were transferred to different Cryptocurrency exchanges like Binance, Kraken, OKX, MEXC, Gate.io, and HTX, apart from this they also converted the XRP assets into many other types of tokens.

Action taken by Binance

As soon as it became aware of the hacking of Ripple Chairman Chris Larsen’s wallet, Binance took swift action and froze all the stolen assets so that they could not be misused. Binance CEO Richard Teng also thanked the community that discovered the hacking.

In conclusion it can be said that Binance saved a large amount of stolen XRP. Binance is the only Cryptocurrency Exchange which after taking such action publicly disclosed it to everyone.

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