Binance Halts XRP Worth $4.2 Million To Help Ripple Recover From Recent Hack Attack

Binance, the leading cryptocurrency exchange offers aid to recover $4.2 million worth of XRP tied to the recent hack of the Ripple Network. The recent XRP hack attack has created shockwaves in the crypto community and the XRP army. Ripple lost 213 million XRP amounting to $112.5 million to the attack which also resulted in a massive dip in XRP price.

Richard Teng, CEO of Binance posted in X that the exchange’s cyber security team has managed to freeze $4.2 million worth of XRP to support Ripply in their investigations and efforts to retrieve back the funds. This also includes monitoring the majority of funds still on the exploiter’s external wallets in case they deposit to Binance. Teng also expresses his gratitude to the blockchain data detector ZachXBT for exerting his efforts to flag down suspicious transactions.

ZachXBT revealed a massive XRP theft, hinting at an attack involving the Ripple ecosystem. According to his post, Ripple was hacked losing about 213 million XRP ($112.5 million). However, Chris Larsen Ripple’s co-founder and executive chairman stated that “unauthorized access” to his accounts had led to the massive theft. 

Ripple CEO Brad Garlinghouse, also reiterated that the Ripple wallets were not “compromised” and assured that the Ripple wallets are safe. 

Furthermore, Binance focuses on its aim to support a “safe ecosystem”. In fact, this is not the first time that Binance has assisted exploited firms in recovering funds. In February 2023, Binance assisted Norwegian authorities in recovering $6 million from the Ronin network heist. They’ve also lent a hand to Huobi to recover $2.4 million in BTC from Harmony hackers.