In response to a recent security exploit involving Ripple co-founder Chris Larsen, Binance, one of the world's leading cryptocurrency exchanges, has frozen stolen XRP tokens valued at around $4.2 million.
This decisive action was part of a larger collaborative effort between the crypto community and Ripple to address the breach quickly and effectively, according to Binance CEO Richard Teng.
Ongoing support and vigilance
Binance has committed to continuing its support for Ripple during the investigation and recovery process.
This includes closely monitoring for any activity involving the stolen funds, particularly tracking any deposits made to Binance from the exploiter's external wallets.
This vigilant approach is part of Binance's broader commitment to maintaining a safe and secure ecosystem for cryptocurrency transactions, according to Teng.
By encouraging open communication and collaboration among projects and users, Binance aims to reinforce industry-wide security measures and respond effectively to similar incidents in the future.
This year's biggest hack so far
As reported by U.Today, Larsen took to X to confirm unauthorized access to several of his personal XRP accounts on Wednesday.
The stolen funds were reportedly laundered through various exchanges, triggering a more than 5% drop in XRP's market value. Despite this, the market displayed resilience, with XRP recovering some of its losses soon after.
Ripple CEO Brad Garlinghouse addressed the community, clarifying that no Ripple-managed wallets were compromised and emphasizing the security of Ripple's infrastructure.
This is the largest cryptocurrency theft of the year so far. It led to a substantial theft of around 213 million XRP.