Binance Freezes $4.2M in Stolen XRP: Global Effort to Recover Larsen’s Funds

Following the theft of a large XRP stash from Ripple co-founder Chris Larsen, Binance successfully froze $4.2 mln in tokens. Coinfomania reports that the remaining assets were moved through multiple platforms, including decentralized exchanges. The operation was carried out alongside U.S. law enforcement aiming to retrieve the lost funds.

Experts suspect the total damage could exceed the frozen amount. Some tokens were liquidated before the freeze took effect, triggered by a LastPass-related password breach. Larsen clarified that Ripple’s corporate accounts remain untouched; only his personal holdings were compromised.

Overall, this case underscores the necessity of advanced security practices, such as two-factor authentication and hardware wallet storage. Binance states that freezing these funds is a crucial measure in combatting cybercriminals.