Largest Crypto Hack of 2024

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Binance’s Swift Response to $112M XRP Hack

In a major security breach, cryptocurrency exchange Binance froze $4.2 million worth of XRP stolen from Ripple co-founder Chris Larsen’s personal wallet. The incident, which occurred on Jan. 31, stands out as the largest crypto hack of 2024.

Binance CEO Acknowledges On-Chain Sleuths and Ripple Team

Binance CEO Richard Teng took to social media platform X to announce the freezing of the exploiter’s address. Teng expressed gratitude to on-chain sleuth ZachXBT and the Ripple team for their coordination and assistance in addressing the security breach.

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

Ripple Foundation’s Early Investigation

Thomas Silkjær, head of analytics and compliance at the XRP Ledger Foundation, claimed that the foundation was the first to investigate the issue. This collaboration underscores the importance of community efforts in responding to crypto security threats.

Ripple Co-founder Sets the Record Straight

Initial speculation suggested a hack on Ripple itself, but co-founder Chris Larsen clarified that it was his accounts that were compromised, not the Ripple network. The hacker managed to steal 213 million XRP, valued at approximately $112.5 million.

Unconventional Tactics: No Crypto Mixers or Decentralized Exchanges Used

Unlike many recent exploits, the hacker behind this attack did not use crypto mixer services or decentralized exchanges to conceal their identity. This raises concerns about the evolving tactics of hackers and the challenges faced by centralized exchanges in preventing such breaches.

Ongoing Investigations and Exchange Responses

While Binance has taken swift action to freeze a portion of the stolen funds, other exchanges involved in the laundering attempt, including OKX and Kraken, have not disclosed whether they have identified or frozen any associated funds. The crypto community awaits updates on the ongoing investigations.

The Binance freeze highlights the urgency for enhanced security measures within the cryptocurrency ecosystem, emphasizing the need for collaborative efforts to safeguard users and maintain the integrity of blockchain transactions.

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