Binance Suspends $4.2 Million Worth of XRP Following a $112 Million Hacker Attack
Binance has taken action to freeze the $112 million. They are believed to have involved a Ripple hack worth $4.2 million for XRP. This is the biggest cryptocurrency hack of 2024. Digital assets are a cause for concern in the community.
Credit for early investigations to the XRP Ledger Foundation
Binance CEO Richard Teng confirmed the freeze through a social media post on X. The Ripple team and ZachXBT, the on-chain investigator, deserve credit Commendations for their efforts in identifying the exploited addresses. This action was part of a larger effort to minimize the impact.
Thomas Silkjaer is Head of Analytics for Compliance and Assurance at the XRP Ledger Foundation.
Initial speculation surrounding the hack suggested that Ripple had been compromised. However, Ripple co-founder and CEO Chris Larsen clarified that the accounts in question were his own. The target company. Larsen assured that Ripple systems are secure. The breach could not jeopardize the security of the system.
Yesterday, there was unauthorized access to a few of my personal XRP accounts (not @Ripple) – we were quickly able to catch the problem and notify exchanges to freeze the affected addresses. Law enforcement is already involved. https://t.co/T3HtKSlzLg
— Chris Larsen (@chrislarsensf) January 31, 2024
Hackers behind exploit avoid using decentralized exchanges or crypto mixer services. They can hide their identity. This departure from current trends caused a stir. There is a possible shift in strategy among malicious actors within the cryptocurrency community.
After finding out early on about the exploit that occurred at @Ripple, we’re happy to say that the #Binance team has managed to freeze $4.2 Million worth of $XRP stolen by the exploiter.
We appreciate both the communities efforts in flagging it to exchanges – as always @zachxbt…
— Richard Teng (@_RichardTeng) February 1, 2024
Freezing Funds and Cooperating with Law Enforcement
ZachXBT revealed that the exploited account in XRP Block Explorers was originally attributed to Ripple. Cause confusion about the nature of the hack. Larsen The amount of XRP worth $112.5 million or 213 million coins was confirmed. The money was withdrawn from his private account.
In response, Ripple has started discussions with various crypto exchanges to freeze the exploited funds. The investigation was reported to law enforcement.
The perpetrators attempted to launder the stolen XRP through multiple exchanges such as MEXC and Gate Binance, Kraken OKX HTX HitBTC. Binance is a leader in cryptocurrency trading. Other exchanges such as OKX and Kraken have not yet announced their actions related to the hack.
SMS “Binance Mystery Box Lottery” fraudulent
Binance customers received SMS messages inviting them to participate in a new Binance lottery: 100 EUR in cryptocurrency to be won Financial reports about the “Mystery Box” Magnates. These are not official announcements. The SMS were intended to steal information about accounts.
This scam mainly targets Binance users from Poland who have reported phishing attacks. Binance acknowledged the issue but explained that removing fake SMS messages would resolve the issue. They considered it unrealistic to expect major changes to GSM technology. Binance has denied all reports of a data leak. The scam is not common in Poland but it is very common in other countries.
