Hackers took an incredible $112 million in XRP from Ripple co-founder Chris Larsen’s personal wallet in a significant security breach. The cryptocurrency world was shocked by the crime, which is now regarded as the biggest of 2024, but Binance, a cryptocurrency exchange, was crucial in helping to retrieve some of the stolen money. The following are some salient features of the most current advancements in this field:
Chris Larsen, a co-founder of Ripple, lost $112 million worth of XRP to hackers. Of the stolen money, Binance frozen $4.2 million and is assisting with the inquiry. In the race for the remaining $107.8 million, Ripple is in the lead.
The lack of mixers and decentralised exchanges by the hacker begs concerns about their methodology. Surprisingly, the XRP market held steady in spite of the robbery.
Binance Freezes $4.2 Million and Supports the Probe
The largest cryptocurrency exchange in the world, Binance, swiftly discovered and blocked $4.2 million worth of stolen XRP linked to the vulnerability after the attack. This is a noteworthy advancement towards the recovery of the stolen money, however it only accounts for only 3.75% of the entire amount. Richard Teng, the CEO of Binance, emphasised that his company is dedicated to supporting the current inquiry.
Investigation Taken Over by Ripple; Hacker Found, but Millions Missing
The organisation that created XRP, Ripple, is now in charge of monitoring the remaining $107.8 million. The XRP Ledger Foundation provided them with crucial information to aid in their search. Only Larsen’s personal accounts were hacked, despite early stories mistakingly claiming that Ripple itself was the target of the attack.
Hacker’s Trail: No Exchanges or Mixers
It’s interesting to note that the exploit’s hacker did not try to hide their identify by use decentralised exchanges or bitcoin mixers.
The thieves embarked on a big money-laundering binge after taking 213 million XRP, which was worth around $112.5 million at the time. They decided to distribute the pilfered money around at least six different bitcoin exchanges. Alongside less well-known brands like HTX, OKX, and HitBTC, this network featured well-known participants including Gate.io, MEXC, Kraken, and Binance.
This is in contrast to current patterns when offenders frequently use these choices to launder money that they have stolen. In this sense, ZachXBT, a security researcher, was crucial in tracking down the pilfered money and figuring out the hacker’s actions.
Effect on Larsen and XRP: Growing Security Apprehensions
Surprisingly, the XRP market held steady and even had a little increase in the 24 hours that followed the major heist. As for Larsen, his remaining assets make him an XRP millionaire even if the hack surely represents a financial loss.
The event has brought attention to the particular security issues prominent personalities in the bitcoin field confront once more. Stronger security measures are therefore required because of their considerable assets, which make them a desirable target for hackers.
Unresolved Issues and Continued Research
Although Ripple’s efforts and Binance’s intervention are positive, many questions remain. There is still uncertainty around the hacker’s identity, technique, and what will happen to the $107.8 million that is left. More developments are anticipated in the upcoming days as the investigation continues.
With over four years of immersive experience in the crypto industry, Nick is a seasoned crypto writer dedicated to unraveling the complexities of blockchain technology and decentralized finance.
He brings a unique blend of technical insight and communicative flair to the crypto space.
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