Binance CEO Richard Teng praised the XRP Ledger Foundation for their quick and effective response to a recent security breach that involved the personal wallets of Ripple Labs Co-Founder Chris Larsen. Teng also highlighted the role of the community and the exchange in flagging and freezing the stolen XRP.
The breach resulted in the loss of $112.5 million worth of XRP tokens, which were transferred to an unknown address.
In a post on X, Teng gave an “extra shoutout” to the XRP Ledger Foundation for “all their great work on this case.” He also expressed gratitude for Zach XBT, a prominent member of the XRP community, who alerted the exchanges about the incident.
Teng said,
“We appreciate both the communities’ efforts in flagging it to exchanges – as always, Zach XBT did a great job.”
The XRP Ledger Foundation is a non-profit organization that supports the development and innovation of the XRP Ledger, the open-source distributed ledger that powers the XRP cryptocurrency. The foundation also provides tools and resources for the XRP community, such as analytics, compliance, and governance.
Binance Freezes Stolen XRP and Supports Ripple’s Investigations
Teng also acknowledged the clarification of Thomas Silkjaer, the Head of Analytics and Compliance at the XRP Ledger Foundation, who confirmed that the exploited wallets belonged to Chris Larsen and not to Ripple, the company behind XRP. He stated that this distinction was important to avoid confusion and misinformation.
Teng also noted that Binance, the world’s leading crypto exchange, successfully managed to freeze $4.2 million worth of stolen XRP, preventing the hacker from cashing out or moving the funds. Teng said that Binance was working closely with Ripple and other exchanges to track and recover the remaining XRP.
Richard Teng expressed support for Ripple’s investigations and commitment to monitoring the hacker’s external wallets closely. He also emphasized the dedication to a secure ecosystem, urging projects and users to promptly report such incidents.
He stated,
“Our team is firmly dedicated to supporting a safe ecosystem, so we always encourage projects and users to reach out to us in instances like this.” He also urged the community to stay alert and avoid such incidents and concluded his post by adding, “Stay SAFU!”
XRP Price Drops After the Hack
The security breach, which occurred earlier this week, was reported by several media outlets and caused a 4% drop in the XRP price. The initial source of the breach was identified as the address “rJNLz3…ojm”, which transferred 112.5 million XRP to another address, “r9LqN…Gjg.”
The hack raised concerns and questions about the security and vulnerability of the XRP Ledger and its users. However, the XRP Ledger Foundation and the XRP community have demonstrated their resilience and cooperation in handling the case and mitigating the damage.
