Ripple (XRP) attracted the attention of crypto investors following its hack involving co-founder Chris Larsen. Meanwhile, the leading crypto exchange, Binance, has shown efforts to help the crypto company retrieve the stolen assets.

Showcasing its dedication ” to supporting a safe ecosystem,” CEO Richard Teng revealed that Binance froze XRP coins (worth approximately $4.2 million) stolen by the hacker.

Binance helps Ripple recover stolen assets

Binance’s Richard Teng revealed the exchange’s decision to hold $4.2M worth of assets the exploiter pocketed. The CEO acknowledged the community for flagging the hack, especially @zachxbt, who reported the incident first.

Initial reports indicated that the hack involved the entire XRP blockchain and various cryptocurrency exchanges, with around 123 million tokens (worth $112.5 million) stolen.

Nevertheless, Ripple co-founder Chris Larsen clarified that it was “an isolated incident” as the perpetrator accessed his personal account without authorization.

Furthermore, Ripple’s chief Brad Garlinghouse assured the community that Ripple wallets were safe.

Meanwhile, Binance has vowed to support Ripple’s investigations to help recover the funds.

“Our team is firmly dedicated to supporting a safe ecosystem, so we always encourage projects and users to reach out to us in instances like this.”

The exchange will continue tracking the remaining assets in the attacker’s external wallets.

Binance’s decision to freeze assets linked to Ripple’s hacker shows the exchange’s commitment to ensuring a secure trading environment and helping troubled platforms.

More By This Author: