The Ripple Chairman’s hack escapade was made known by a prominent Crypto investigator which led to the action by the leading Cryptocurrency Exchange platform’s decision as was made known by Richard Teng in a post on X last evening. As indicated by Teng, they found out that the exploit affected Larsen’s account on Binance early and figured out how to freeze the part of the asset the hacker intended to obtain through the Binance platform.
After finding out early on about the exploit that occurred at @Ripple, we’re happy to say that the #Binance team has managed to freeze $4.2 Million worth of $XRP stolen by the exploiter.
We appreciate both the communities efforts in flagging it to exchanges – as always @zachxbt…
— Richard Teng (@_RichardTeng) February 1, 2024
The CEO Hack
Recall that Larsen experienced a hack assault on his own XRP account a month ago. While the hack happened late Jan. 30, it didn’t come into the spotlight until Jan. 31 when ZachXBT, a well-known blockchain investigator, pointed out that such an incident had occurred.
In any case, ZachXBT had suggested that the endeavor impacted Ripple’s wallet. This was due to a mistag from XRPL explorer Bithomp and XRPScan, which designated the address as belonging to Ripple. Larsen affirmed ZachXBT’s exposure however explained that the wallet belongs to him, not Ripple.
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As indicated by the blockchain detective, on-chain information showed that the hacker moved the asset to different centralized exchanges, including MEXC, Gate.io, Binance, Kraken, OKX, and HTX (previously Huobi).
The resulting information from Larsen uncovered that the hacker had changed the assets from XRP completely to different tokens. Furthermore, Thomas Silkjær, Head of Analytics and Compliance at the XRPL Ledger (XRPL) Foundation, revealed that endeavors were in progress to recuperate the stolen assets.
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More assets to be Freeze
Silkjær mentioned that they had drawn in policing and spoken with a few exchanges to recognize implicated wallets in the incidence. He focused on that a few exchanges were more responsive than others. Binance’s most recent revelation comes a day after the occurrence stood out as being true.
Teng offered thanks to the community for making exchanges aware of the exploitation and ZachXBT for pointing it out. He noticed that Ripple’s Team had been working round the clock with useful cooperative effort.
The Binance President went ahead to mention that, his Team will keep on observing the turn of events and the on-chain developments of the asset to freeze additional assets that advance toward their platform. Binance is the only exchange that has openly made known its moves against the Hacker.
Regardless, Teng’s statement was immediately called into consideration by Silkjær. He earlier referenced that the hack impacted Ripple; Silkjær explained that it was not Ripple’s hack. Responding to him, Teng corrected his statement, affirming that the hack had affected Larsen, not Ripple.
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