These four projects are part of those invested in by Binance Labs. The tokens have been unlocked through investments, making them available for use. However, these tokens are not currently listed on Binance.

This move has drawn attention as part of Binance Labs’ strategic actions in its investment projects. The transfer of these tokens to Gate Exchange could be seen as preparation for a potential sale. Binance Labs’ efforts to convert tokens from its investments into liquidity through such moves reflect a broader strategy within the crypto market.

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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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The post Binance Supports Ripple in the Aftermath of $112 Million Hack appeared first on Coin Engineer.