$4.2 million worth of XRP tokens that were stolen during an exploit earlier this week have been identified and frozen, said Binance CEO Richard Teng.

"We will continue to support Ripple in their investigations and their efforts to retrieve back the funds, including closely monitoring the majority of funds still in the exploiter's external wallets in case they deposit to Binance," Teng wrote in a post on Twitter last night.

Thomas Silkjaer, the head of analytics and compliance at the XRP Ledger Foundation, clarified that the attack was carried out on Ripple co-founder Chris Larsen's personal wallets—not against Ripple, the company, or its users wallets.

It's good news, to be sure. But it's a small fraction of the $113 million in XRP that was stolen on Wednesday.

Larsen said on Twitter at the time that there "was unauthorized access to a few of my personal XRP accounts," but ultimately clarified that the attack was not against Ripple itself.

Image: Shutterstock

Ripple Founder Hacked for $113 Million, XRP Drops 5%

The price of XRP dropped Wednesday morning Eastern Time following reports of a hack on Ripple, the fintech company whose founders created the sixth-largest cryptocurrency by market cap. Ripple co-founder and Executive Chairman Chris Larsen said on Twitter (aka X) that there "was unauthorized access to a few of my personal XRP accounts," but ultimately clarified that the attack was not against Ripple itself. He added that the exchanges had frozen the addresses and that “law enforcement is already...

NewsLaw and Order
2 min read
Mat Di Salvo

XRP is currently trading for $0.5049, 1.8% higher than it was a day ago, according to CoinGecko. When the news initially broke on Wednesday, the token dropped 5%.

Binance has previously worked with law enforcement to track down and freeze funds linked to exploits. In October, the company froze accounts that police confirmed had been set up by Hamas and actively used for  fundraising through various social media platforms.

"We are committed to ensuring the safety and security not just of the blockchain ecosystem, but also the global community, through our proactive work," a Binance spokesperson said at the time.

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