Immediate Action by Binance CEO Richard Teng
In a swift response to a significant security breach, Binance CEO Richard Teng took to social media on February 2 to announce the exchange’s decisive move to freeze a hacker’s address. This address was linked to a substantial hack targeting Ripple co-founder Chris Larsen’s personal wallet. Teng extended his thanks to the Ripple team and to blockchain analyst ZachXBT for their prompt cooperation in mitigating the theft.
Clarification on the Hack
Initial rumors suggested a potential compromise of Ripple’s network or the XRP token itself. However, Larsen clarified that the breach was limited to his personal accounts and not the Ripple infrastructure. He also pointed out that the illicit funds were being moved through several exchanges, naming MEXC, Gate, Binance, Kraken, OKX, HTX, and HitBTC as part of the laundering process.
Addressing the Confusion
ZachXBT uncovered that the confusion stemmed from a misattribution of the hacked account as Ripple’s in XRP block explorers XRPScan and Bithomp. This misattribution was the root cause of the initial misunderstandings about the hack’s nature and target.
Efforts to Secure Compromised Assets
Larsen is actively working with various cryptocurrency exchanges to immobilize the exploiter’s address and has involved law enforcement in the ongoing investigation. While Binance has successfully frozen a portion of the stolen assets, the participation of other exchanges in the efforts to secure related funds has yet to be reported.
Binance’s History of Mitigating Cyber Thefts
This incident adds to Binance’s track record of intervening in cyber thefts within the crypto sector. In February 2023, Binance was crucial in assisting Norwegian authorities to recover $6 million from the Ronin network heist. Furthermore, Binance’s collaborative spirit shone through last year when they worked with Huobi to recover $1.4 million stolen from Harmony’s Horizon Bridge and helped reclaim $5.8 million for Axie Infinity following a breach of the Ronin Network.
English