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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.

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According to the details of the hacking incident, hackers are said to have laundered the XRP they stole through transfers via well-known exchanges such as Binance, Kraken, OKX, HTX, HitBTC, MEXC, and Gate.io.

No official statement has yet been made by Ripple CEO Brad Garlinghouse or other executives. Ripple is known as one of the oldest companies in the cryptocurrency world, and this incident could lead the company to review its security measures again.

ZachXBT, a well-known name in the cryptocurrency community, announced that approximately 213 million XRP ($112.5 million) had been stolen. It is stated that the stolen funds were quickly transferred to various platforms after the attack that took place on January 30.

While the Ripple team has not yet made a statement about the attack allegations, the value of XRP fell after the news of the attack. According to TradingView data, XRP lost about 3% on a daily basis and more than 4% on a weekly basis.

This latest incident in the cryptocurrency world continues to worry investors and cryptocurrency followers, while uncertainties about Ripple’s future have also come to the fore. Ripple is expected to increase its security measures and restore confidence to investors after the incident.

The post BREAKING NEWS | Was Ripple (XRP) Hacked? appeared first on Coin Engineer.