Binance suspended XRP in an effort to recover $4.2 million in collaboration with Ripple

To help with recovery efforts after the recent attack involving Chris Larsen, Binance and Ripple have joined forces to freeze $4.2 million worth of stolen XRP.

Binance, a top cryptocurrency exchange, has made a calculated move to aid Ripple in its pursuit of stolen cash, marking a major event in the cryptocurrency industry.

Ripple co-founder Chris Larsen was recently the victim of a hack that rocked the cryptocurrency world and its XRP Army. Binance CEO Richard Teng responded by announcing the freeze of about $4.2 million worth of stolen XRP.

Crypto detective ZachXBT started the narrative by discovering a large XRP theft, which first suggested an assault on the Ripple ecosystem. A total of about 213,000,000 XRP, or $112.5,000,000, were stolen from Ripple in the breach, as stated in a tweet by ZachXBT.

Nevertheless, Chris Larsen went on to explain that the loss was due to “unauthorized access” to his personal accounts, which implies that the Ripple wallets were still safe.

Brad Garlinghouse, the CEO of Ripple, reiterated this position and insisted that Ripple wallets were not “compromised.” Chris Larsen affirmed that Ripple wallets were secure, standing with Garlinghouse’s statements.

In order to reassure the crypto community and keep their faith in Ripple’s security procedures, this explanation was required.

Binance CEO Richard Teng praised ZachXBT’s thorough investigation and recognized Ripple’s cooperative attitude in dealing with the issue. Teng verified the freezing of stolen XRP assets in an official post on Binance’s website, saying, “The Binance team has managed to freeze $4.2 million worth of XRP stolen by the exploiter.” Binance is demonstrating its dedication to creating a safe cryptocurrency environment with this move.

Teng said that Binance would stand behind Ripple while it conducts investigations and seeks to recover funds. The bulk of the money in the exploiter’s external wallets is being closely monitored, and they are prepared to take action if any deposits are made to Binance, he said. Binance is demonstrating its dedication to protecting cryptocurrency from bad actors by taking this proactive approach.

Binance has shown its willingness to help struggling cryptocurrency ecosystems on several occasions, including its latest partnership with Ripple. Norwegian police were able to recover $6 million from the Ronin network theft in February 2023, thanks in large part to the exchange.

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