Ripple Unshaken- Binance Freezes The $4.2M XRP Stolen in the Face of Cyber Intrusion
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Ripple Unshaken- Binance Freezes The $4.2M XRP Stolen in the Face of Cyber Intrusion

  • Binance successfully halted a $112 million Ripple co-founder’s wallet hack, freezing $4.2 million in stolen XRP and showcasing the crypto industry’s collaborative response to cyber threats.
  • Meanwhile, amidst security concerns, the market anticipates the release of nearly $900 million in vested tokens from projects like Avalanche, Aptos, and The Sandbox in February, potentially impacting market prices due to an increase in circulating supply.

Cryptocurrency exchange Binance has thwarted a massive $112 million hack on Ripple co-founder Chris Larsen’s personal wallet, marking the largest crypto breach of 2024. In a commendable move, Binance froze $4.2 million worth of XRP stolen in the exploit, showcasing the industry’s collaborative efforts to combat cybercrime.

In a social media post, Binance CEO Richard Teng expressed gratitude to on-chain sleuth ZachXBT and the Ripple team for their coordinated efforts. Notably, the hacker chose not to use crypto mixer services or decentralized exchanges, a departure from recent trends to avoid potential fund freezes on centralized platforms.

The Ripple Attribution Confusion

ZachXBT revealed that the Ripple attribution for the affected account created confusion, as it was tagged in XRP block explorers XRPScan and Bithomp as Ripple itself. Chris Larsen, co-founder of Ripple, disclosed that 213 million XRP was stolen from his personal accounts. Ripple is actively engaging with crypto exchanges to freeze the exploiter’s address and has reported the incident to law enforcement agencies.

While Binance acted swiftly to freeze a portion of the stolen funds, other exchanges like OKX and Kraken have yet to disclose any identified or frozen funds related to the hack. Queries sent to Binance and Ripple by Cointelegraph for further comments remain unanswered as of publication.

Token Release Amidst Security Concerns

Amidst the unsettling news of the Ripple hack, the digital asset market braces for the release of nearly $900 million in vested tokens in February. Projects like Avalanche, Aptos, and The Sandbox lead this charge, unlocking millions in digital assets. However, the crypto community remains vigilant as tokenomics suggest a potential negative impact on market prices due to an abrupt increase in circulating supply.

The Unveiling of Token Unlockings

Avalanche is set to release the most substantial amount, with 9.5 million tokens worth approximately $320 million scheduled for release on Feb. 22. Aptos, on Feb. 11, will unveil 24.8 million tokens valued at around $233 million. The Sandbox is unlocking 209 million tokens worth $90 million on Feb. 14. Additionally, Optimism and Sui will release tokens worth $70 million and $53 million, respectively, in February.

As the crypto market navigates the aftermath of the Ripple hack, the coordinated efforts of exchanges and the looming token releases underscore the industry’s ongoing challenges in maintaining security and stability. The community remains vigilant, emphasizing the importance of collaboration and transparency in the face of evolving cyber threats.

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