Binance stops stolen XRP with Ripple’s help to get back $4. 2 million

• Binance and Ripple are working together to stop $4. 2 million of stolen XRP from being used. This will help to recover the money after a recent hack involving Chris Larsen.
• ZachXBT found out about the theft, and Ripple’s CEO said that Ripple wallets are safe.
• Binance has a history of helping cryptocurrencies in trouble, and this action shows they are committed to keeping crypto safe.

Binance, a big crypto exchange, is helping Ripple get back stolen money.

After Chris Larsen’s account was hacked, Binance CEO Richard Teng said they froze about $4. 2 million of stolen XRP. This made a lot of people in the cryptocurrency community and the XRP Army very upset. This teamwork is focused on making sure that the crypto world is safe and honest.

Crypto Sleuth found something and Ripple reacted

The story started when a person named ZachXBT discovered that a lot of XRP had been stolen. At first, it seemed like someone had attacked the Ripple system. According to ZachXBT’s tweet, the hack affected Ripple and stole about 213 million XRP, worth $112. 5

However, Chris Larsen later explained that the theft happened because someone gained unauthorized access to his personal accounts. He also said that the Ripple wallets were still safe.

Ripple CEO Brad Garlinghouse said again that the Ripple wallets were not affected. Chris Larsen also supported Garlinghouse’s claims and said that Ripple’s wallets are safe.

This explanation was important to make the crypto community feel better and trust that Ripple is keeping their information safe.

Binance is helping with the recovery effort

Binance CEO Richard Teng praised ZachXBT’s hard work in investigating the hack and also recognized Ripple’s teamwork in addressing the hack. In a post on Binance’s website, Teng said that they were able to stop $4. 2 million worth of stolen XRP. This shows that Binance is dedicated to making sure crypto is safe.

Teng confirmed that Binance is committed to helping Ripple with its investigations and trying to get back the money that was lost. He reminded them to keep a close eye on most of the money in the exploiter’s outside wallets. They should be ready to take action if any money is put into Binance. This proactive approach shows that Binance is dedicated to protecting cryptocurrency from bad people.

Binance has a history of helping ecosystems in trouble

This new project working with Ripple is not the first time Binance has shown that it wants to help struggling cryptocurrency systems. In February 2023, the exchange helped Norwegian authorities get back $6 million from the Ronin network robbery.

Also, Binance helped Huobi to stop the Harmony hackers who took $2. 4 million in BTC. This shows that Binance is committed to making sure that the crypto industry is safe and honest.

Making sure that cryptocurrency is safe for everyone

Cryptocurrency has grown quickly and changed a lot, but it has also caught the eye of hackers and bad people. Recent theft of XRP shows how important it is for cryptocurrency exchanges and blockchain projects to work together to keep everyone safe and secure.

Binance froze stolen XRP funds with Ripple’s help, showing that the crypto industry acts quickly and stands together against security breaches. As the crypto community grows, working together with others will be very important for stopping and reducing cyber dangers. This will help build trust for users and investors.

Warning: The information given is not advice on buying and selling stocks.