Ripple leads investigation into $112M XRP stolen from co-founder 

Binance froze $4.2 million worth of XRP stolen from Chris Larsen earlier this week


Ruslan Ivantsov/Shutterstock modified by Blockworks


Binance CEO Richard Teng confirmed that the exchange froze $4.2 million worth of XRP stolen from Ripple co-founder Chris Larsen. 

“We will continue to support Ripple in their investigations and their efforts to retrieve back the funds, including closely monitoring the majority of funds still in the exploiter’s external wallets in case they deposit to Binance,” Teng said in a post on X. 

The attack was initially publicly disclosed by on-chain detective ZachXBT. Ripple didn’t immediately respond to requests for comment about the attack’s disclosure.

Read more: Ripple was not hacked for $112M XRP — but its co-founder was

“It is reckless to publish information during an attack as it might influence the methodology of the attackers. There are good reasons to not go public with anything right away,” XRP Ledger Foundation’s head of analytics and compliance, Thomas Silkjær, said in response to questioning on X about the timing of the disclosure.

The XRP Ledger Foundation is an “independent non-profit entity which works to support development and usage of the XRP Ledger.” 

Silkjær, in response to Teng, said that the XRP Ledger Foundation was behind the initial investigation, promptly notifying Larsen of the attack.

He also clarified that Ripple is leading the investigation into the attack on behalf of Larsen. 

According to Silkjær, crypto exchange WhiteBit notified them of “suspicious deposits” leading to the team becoming aware of the attack.

Loading Tweet..

At the time, ZachXBT noted that it appeared that Ripple had been hacked for $112 million before Larsen said, in a follow-up post, that the attacker went after his personal XRP accounts. 

Loading Tweet..

Larsen assured the public that the team knew about the incident and that law enforcement had already been contacted.

“This is an isolated incident, and Ripple wallets are secure / were never compromised. We’ve confirmed nearly all the affected funds were converted out of XRP,” Larsen said following the hack.

Larsen said that exchanges used to launder the XRP, which included Binance, had been made aware of the attack. 

Loading Tweet..

Timestamps on the data presented by ZachXBT showed that the attacks had begun on Jan. 30, a day before his post. However, it had not yet been publicly disclosed when the detective made the post on X.

Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.

Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. Subscribe to the On the Margin newsletter.

The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.


Upcoming Events

Salt Lake City, UT

MON - TUES, OCT. 7 - 8, 2024

Blockworks and Bankless in collaboration with buidlbox are excited to announce the second installment of the Permissionless Hackathon – taking place October 7-8 in Salt Lake City, Utah. We’ve partnered with buidlbox to bring together the brightest minds in crypto for […]

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research



Aerodrome is a "MetaDEX" that combines elements of various DEX primitives such as Uniswap V2 and V3, Curve, Convex, and Votium. Since its launch on Base, it has become the largest protocol by TVL with more than $495M in value locked, doubling Uniswap's Base deployment.


And a look into the newest name on the Trump ticket: Sen. JD Vance


Plus, Imran Khan’s intriguing experiment on the speeds of crypto onramps


The SEC has signaled a timeline to issuers that could lead to a July 23 launch for the ETH funds, people close to the process told Blockworks


PayPal has unequivocally made a name for itself as a crypto adopter among fintech giants


Also, a look into how the highly-debated SAB 121 could end up shaking out for crypto custodians


Vance, an Ohio Republican, is largely seen as crypto-friendly