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Events in the crypto world are of critical importance not only for individual projects, but also for the reliability of the industry as a whole. In this context, the $112 million hack that occurred at Ripple has deeply shaken the crypto community and raised many questions in the industry. However, the support, cooperation, and solution-oriented approach shown by Binance CEO Richard Teng during this difficult time highlights the importance of solidarity and trust in the crypto world.
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Background of the Incident: Ripple’s Bad Start and Hack Shock
Ripple had a bad start to February. Ripple co-founder Chris Larsen confirmed that 213 million XRP worth $112 million had been stolen from his personal accounts. Also, the details of the hack and the transfers of the stolen assets worried the crypto community.
ZachXBT’s Explanation: Behind the Scenes of the Hack
ZachXBT, who explained the hack, stated that he sent the stolen 213 million XRP to MEXC, Gate, Binance, Kraken, OKX, HTX, and HitBTC exchanges. Additionally, these statements revealed the extent of the exploitation and the complexity of the solution process.
Important Support Statements from Richard Teng
Binance CEO Richard Teng announced that they have frozen $4.2 million worth of Ripple (XRP) tokens related to the $120 million hack. Also, Teng praised Chris Larsen’s quick response and the community’s cooperation, emphasizing that Zach XBT’s role was critical in solving the hack.
Binance and Ripple Collaboration: Tracing Stolen Funds
According to Teng’s statements, the Binance team froze the stolen $4.2 million worth of XRP after learning about the exploitation that Ripple experienced early on. Also, It was stated that the funds in the exploiter’s external wallets would be closely monitored if they were transferred to Binance.
Unity and Solidarity in the Crypto Community: SAFU Principle
The statements of the Binance CEO emphasize the importance of unity and cooperation in the crypto world. For a secure ecosystem, it can be considered a critical step for the crypto community to come together and for large platforms to support this effort in terms of increasing maturity in the industry.
Conclusion
The support shown by Binance CEO Richard Teng to Ripple is a reflection of solidarity and trust in the crypto world. By acting together, finding more effective solutions against similar incidents and protecting crypto assets can play a significant role in increasing the reliability of the industry. With the SAFU principle, the crypto community can be better prepared for future challenges.
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