In a swift response to a reported exploit at Ripple, Binance has frozen $4.2 million worth of Ripple's XRP currency. The proactive measure was taken to secure the stolen funds and avert further exploitative actions.
Following early discovery of the exploit, the quick intervention from Binance came as relief to both projects and users within the crypto ecosystem. The move to freeze the illicitly acquired XRP signifies Binance's continued dedication to creating a safe cryptocurrency environment.
Richard Teng, Binance's CEO, expressed his gratitude to the community and to the constant vigilance of Twitter user @zachxbt. Their tireless effort in flagging the issue to exchanges has drawn appreciative praise. Teng expressed satisfaction with the excellent job done by the Ripple team in their collaboration to manage the exploit situation.
Further, Binance pledged to keep supporting Ripple with their ongoing investigations at every level. Most significantly, Binance confirmed that they will closely monitor the majority of funds still held in the exploiter's external wallets. This move is to ensure instant action in the event of any attempted deposit at Binance.
Richard Teng reiterated the importance of the cryptocurrency ecosystem's security, a fundamental value for Binance, and encouraged users and projects to reach out whenever they notice similar incidences, ensuring a seamless and prompt response from the Binance's team.
