Cryptocurrency exchange Binance has frozen $4.2 million worth of XRP tokens due to an exploit of 213 million XRP tokens that occurred on January 30.
This was announced by CEO Richard Teng on the official X page.
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Richard Teng said that Binance took such action after XRP Ledger developers reported the exploit to cryptocurrency exchanges. They asked to track deposits linked to the hackers' wallets.
Earlier, Ripple Co-Founder and Executive Chairman Chris Larsen said that some of his personal XRP accounts had been hacked.
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Richard Teng confirmed that Ripple can count on Binance's support. "We will continue to support Ripple in its investigation and efforts to recover funds. The exchange will conduct enhanced monitoring of funds that ended up in the fraudsters' external wallets and track them as they reach Binance," Teng said.
XRP tokens were apparently withdrawn from a wallet belonging to Ripple Labs CEO Chris Larsen earlier this week. With Larsen stating that his personal XRP accounts were hacked, these tokens are not controlled by Ripple as a company.
On Wednesday, January 31, blockchain security expert ZachXBT revealed that 213 million XRP tokens worth $120 million were withdrawn from a large wallet on the XRP Leger blockchain. The funds were then laundered through multiple exchanges. In-network data showed that the attackers moved the assets to several centralized exchanges, including MEXC, Gate.io, Binance, Kraken, OKX, and HTX (formerly Huobi). The hackers then converted the assets from XRP to other tokens.
Also read: US Federal Prosecutors file charges against suspects in FTX hack
