Ripple Receives Vital Support from Binance in Wake of Nearly $5M XRP Theft

Can XRP Overcome the $1 Barrier and Target $15? A Close Look at Bent Fork B
  • Binance CEO Richard Teng announced the freeze of $4.2 million in XRP, aiding Ripple’s recovery efforts.
  • Expressing solidarity, Binance leveraged its resources to support Ripple post-hack, promising continuous monitoring of the situation.
  • The collaborative effort, including on-chain investigators and the crypto community, exemplifies the sector’s unity against cyber threats.

Binance has frozen $4.2 million worth of XRP tokens, a move announced by CEO Richard Teng via Twitter. This decisive action comes in the wake of a multimillion-dollar theft from the Ripple Network, marking a crucial step in the recovery process.

Read CRYPTONEWSLAND on Google News google news

Richard Teng’s statement underscored Binance’s commitment to aiding Ripple through investigation efforts and the retrieval of lost funds. Further, Teng expressed gratitude towards ZachXBT, an on-chain investigator, for alerting the community about the breach, and thanked the wider community for its support.

Clarifications later revealed that the compromised funds belonged to Ripple’s founder, Chris Larsen, rather than the company itself. Binance’s involvement is not a first; the exchange has a history of supporting entities victimized by cyber thefts, reinforcing its role as a pillar of support within the crypto ecosystem.

The rapid and coordinated response to the theft underscores the resilience of the cryptocurrency community, particularly in safeguarding assets like XRP. With the support of leading exchanges like Binance, Ripple is not only positioned to recover from this incident but also to strengthen its security frameworks.

The future of XRP appears promising, as the incident highlights the community’s capability to unite and tackle challenges, ensuring a safer ecosystem for all.

Read also:

Crypto News Land (cryptonewsland.com) , also abbreviated as “CNL”, is an independent media entity — we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.

28M-banner

related posts