Recently, a security issue involving one of the co-founders of crypto firm Ripple resulted in the loss of over $4 million worth of XRP. Binance has diligently taken steps to lock down these assets hosted on its crypto exchange platform.
Binance collaborates with Ripple to freeze $4.2 million in XRP holdings
Crypto exchange Binance quickly responded to a security breach involving Ripple co-founder Chris Larsen. Indeed, the firm implemented measures which made it possible to freeze $4.2 million of cryptos in XRP. This, thanks to a collaboration with Ripple.
This decisive action is part of a concerted effort to quickly resolve a massive XRP crypto theft. Led by Richard Teng, CEO of Binance, the company is committed to supporting Ripple throughout the investigation into the incident. But also on the process of recovering funds.
To this end, the boss stressed the importance of vigilance by pledging to closely monitor any activity linked to stolen funds. In particular the monitoring of deposits made on Binance from external wallets associated with hacking.
More broadly, this proactive attitude reflects Binance’s commitment to maintaining a secure crypto ecosystem. This is by encouraging open communication and collaboration to strengthen safety measures industry-wide.
Return to the incident
Chris Larsen has provided details indicating that he was the target of a security breach that resulted in unauthorized access to several personal XRP accounts. The incident didn’t just affect the Binance co-founder.
It caused a 5% drop in the market value of XRP, Ripple’s native crypto. The asset is currently worth $0.50, a fall of 1.92% over the last 24 hours. Despite this setback, XRP showed resilience as evidenced by its increase of 1.73% in 24 hours.
Following this incident, Brad Garlinghouse, CEO of Ripple, was reassuring towards the crypto community. He claimed that no Ripple-managed wallets had been compromised, underscoring the strength of the security infrastructure in place.
As a reminder, the hack that impacted the co-founder of the crypto firm Ripple involves the theft of around 213 million XRP at the latest news. In other words, Binance froze less than 2% of stolen crypto assets.
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