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Post: Binance Freezes $4.2 Million Worth of XRP in Largest Hack of 2021 – What We Know

Binance Freezes $4.2 Million Worth of XRP in Largest Hack of 2021 – What We Know

Key Points:

  • Cryptocurrency exchange Binance froze $4.2 million worth of XRP from a recent hack.
  • The hack, which targeted the personal wallet of a Ripple co-founder, is the largest of 2021.
  • The hacker did not use any mixer services or decentralized exchanges to exploit the funds.
  • Binance CEO Richard Teng thanked the Ripple team and an on-chain sleuth for their coordination and assistance.
  • The head of analytics and compliance at XRP Ledger Foundation claimed their organization first investigated the issue.

Elaboration:

Binance, one of the world’s largest cryptocurrency exchanges, has frozen $4.2 million worth of XRP following a recent hack. The hack, which targeted the personal wallet of a co-founder of Ripple, amounted to $112 million. This incident marks the largest hack of 2021 thus far.

What is notable about this hack is that the perpetrator did not use any mixer services or decentralized exchanges, which are often utilized to obscure the movement and origin of stolen funds. The hacker’s method remains unclear.

Richard Teng, CEO of Binance, expressed gratitude in a post for the collaboration and assistance provided by on-chain investigator ZachXBT and the Ripple team. However, Thomas Silkjær, head of analytics and compliance at XRP Ledger Foundation, claimed that their organization initially investigated the issue before it gained wider attention through ZachXBT’s involvement.

Hot Take:

The freezing of stolen funds by exchanges like Binance is an important measure for combating hacks and protecting users. However, this incident highlights the ongoing challenges of maintaining the security and integrity of digital assets. It raises questions about the vulnerability of personal wallets and the role of exchanges in safeguarding user funds.

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