Binance Freezes $4.2M In Stolen XRP Linked To $120M Hack
Portfolio Pulse from Murtuza Merchant
Binance CEO Richard Teng announced the freezing of $4.2 million in XRP tokens linked to a $120 million hack. The XRP Ledger developers alerted exchanges about the hack, leading to Binance's action to support Ripple's efforts in retrieving the funds. The stolen tokens originated from a wallet belonging to Ripple Labs executive chairman Chris Larsen. Blockchain investigator ZachXBT reported that 213 million XRP tokens were stolen and dispersed across various exchanges.
February 02, 2024 | 3:10 pm
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POSITIVE IMPACT
Binance's freezing of $4.2 million in XRP tokens is a direct response to a $120 million hack involving a wallet owned by Ripple Labs' Chris Larsen. This action highlights the security measures exchanges are willing to take to assist in the recovery of stolen funds.
The freezing of funds by Binance could lead to a positive perception of XRP's security measures and the crypto community's ability to respond to hacks, potentially increasing investor confidence in XRP in the short term.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100