{"id":10947,"date":"2024-02-02T21:15:30","date_gmt":"2024-02-02T21:15:30","guid":{"rendered":"https:\/\/coinengineer.io\/blog\/?p=10947"},"modified":"2024-02-02T21:16:11","modified_gmt":"2024-02-02T21:16:11","slug":"binance-supports-ripple-in-the-aftermath-of-112-million-hack","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/binance-supports-ripple-in-the-aftermath-of-112-million-hack\/","title":{"rendered":"Binance Supports Ripple in the Aftermath of $112 Million Hack"},"content":{"rendered":"<p data-sourcepos=\"3:1-3:490\">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.<\/p>\n<blockquote>\n<p data-sourcepos=\"3:1-3:490\">You might like:\u00a0<a href=\"https:\/\/coinengineer.net\/blog\/binance-futures-to-list-this-altcoin-with-up-to-50x-leverage\/\" target=\"_blank\" rel=\"noopener\"><span style=\"text-decoration: underline;\"><strong><em>Binance Futures to List This Altcoin with Up to 50x Leverage!<\/em><\/strong><\/span><\/a><\/p>\n<\/blockquote>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_71 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/coinengineer.net\/blog\/binance-supports-ripple-in-the-aftermath-of-112-million-hack\/#Background_of_the_Incident_Ripples_Bad_Start_and_Hack_Shock\" title=\"Background of the Incident: Ripple&#8217;s Bad Start and Hack Shock\">Background of the Incident: Ripple&#8217;s Bad Start and Hack Shock<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/coinengineer.net\/blog\/binance-supports-ripple-in-the-aftermath-of-112-million-hack\/#Binance_and_Ripple_Collaboration_Tracing_Stolen_Funds\" title=\"Binance and Ripple Collaboration: Tracing Stolen Funds\">Binance and Ripple Collaboration: Tracing Stolen Funds<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2 data-sourcepos=\"5:1-5:65\"><span class=\"ez-toc-section\" id=\"Background_of_the_Incident_Ripples_Bad_Start_and_Hack_Shock\"><\/span><span style=\"font-size: 75%;\">Background of the Incident: Ripple&#8217;s Bad Start and Hack Shock<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p data-sourcepos=\"7:1-7:253\">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.<\/p>\n<p data-sourcepos=\"9:1-9:56\"><strong>ZachXBT&#8217;s Explanation: Behind the Scenes of the Hack<\/strong><\/p>\n<p data-sourcepos=\"11:1-11:244\">ZachXBT, who explained the hack, stated that he sent the stolen 213 million XRP to <strong>MEXC<\/strong>, Gate, <strong>Binance<\/strong>, Kraken, <strong>OKX,<\/strong> HTX, and <strong>HitBTC<\/strong> exchanges. Additionally, these statements revealed the extent of the exploitation and the complexity of the solution process.<\/p>\n<p data-sourcepos=\"13:1-13:11\"><strong>Important Support Statements from Richard Teng<\/strong><\/p>\n<p data-sourcepos=\"15:1-15:275\">Binance CEO Richard Teng announced that they have frozen <strong>$4.2 million<\/strong> worth of Ripple (XRP) tokens related to the $120 million hack. Also, Teng praised Chris Larsen&#8217;s quick response and the community&#8217;s cooperation, emphasizing that Zach XBT&#8217;s role was critical in solving the hack.<\/p>\n<p data-sourcepos=\"15:1-15:275\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-10950 aligncenter\" src=\"https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2024\/02\/Binance-2.jpg\" alt=\"Binance\" width=\"839\" height=\"440\" srcset=\"https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2024\/02\/Binance-2.jpg 768w, https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2024\/02\/Binance-2-300x157.jpg 300w\" sizes=\"auto, (max-width: 839px) 100vw, 839px\" \/><\/p>\n<h3 data-sourcepos=\"17:1-17:58\"><span class=\"ez-toc-section\" id=\"Binance_and_Ripple_Collaboration_Tracing_Stolen_Funds\"><\/span><span style=\"font-size: 85%;\">Binance and Ripple Collaboration: Tracing Stolen Funds<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p data-sourcepos=\"19:1-19:297\">According to Teng&#8217;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&#8217;s external wallets would be closely monitored if they were transferred to Binance.<\/p>\n<p data-sourcepos=\"21:1-21:64\"><strong><span style=\"font-size: 100%;\">Unity and Solidarity in the Crypto Community: SAFU Principle<\/span><\/strong><\/p>\n<p data-sourcepos=\"23:1-23:303\">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.<\/p>\n<p data-sourcepos=\"25:1-25:14\"><strong>Conclusion<\/strong><\/p>\n<p data-sourcepos=\"27:1-27:255\">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.<\/p>\n<hr \/>\n<p data-sourcepos=\"13:1-13:156\"><em>Also, in the comment section, you can freely share your comments and opinions about the topic. Additionally, don\u2019t forget to follow us on\u00a0<a href=\"https:\/\/t.me\/coinengineernews\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Telegram<\/strong><\/a>,\u00a0<a href=\"https:\/\/www.youtube.com\/@CoinEngineer\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>YouTube<\/strong><\/a>\u00a0and\u00a0<a href=\"https:\/\/twitter.com\/coinengineers\"><strong>Twitter<\/strong><\/a>\u00a0for the latest news and updates.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>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<\/p>\n","protected":false},"author":1,"featured_media":10948,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9,2],"tags":[22,4097,4041,1464,1564,154,816,2474,509],"class_list":["post-10947","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","category-news","tag-binance","tag-gate","tag-hitbtc","tag-htx","tag-kraken","tag-mexc","tag-okx","tag-richard-teng","tag-ripple"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Binance Supports Ripple in the Aftermath of $112 Million Hack - Coin Engineer<\/title>\n<meta name=\"description\" content=\"The support and cooperation shown by Binance CEO highlights the importance of solidarity and trust in the crypto world.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coinengineer.net\/blog\/binance-supports-ripple-in-the-aftermath-of-112-million-hack\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Binance Supports Ripple in the Aftermath of $112 Million Hack - 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