Binance Emptying Hacked XRP Wallet
Key Summary
Binance transferred the final 80 million XRP tokens valued at $101M out of its hacked corporate hot wallet to fresh internal addresses, shutting down the compromised ledger endpoint entirely. On-chain tracking data confirmed the movement occurred in two identical tranches of 40 million tokens 50 seconds apart, dropping the vulnerable address balance to a negligible 23.7 XRP.
Key Bullets
- Binance swept the final 80 million XRP tokens from its hacked hot wallet into secure corporate addresses in two identical transactions.
- The sweep leaves the compromised exchange address with a nominal balance of 23.7 XRP after a historic security breach drained $6.3B overall.
- On-chain tracking confirmed the asset consolidation because the XRP Ledger lacks protocol-level freezing functions found in typical stablecoins.
- Exchange management confirmed that all net user losses will be fully compensated 1:1 from corporate reserves and SAFU funds.
Binance Drains Compromised Hot Wallet
Binance transferred the final 80 million XRP tokens valued at $101M out of its hacked corporate hot wallet to fresh internal addresses, shutting down the compromised ledger endpoint entirely. On-chain tracking data monitored by Whale Alert confirmed the movement occurred in two identical tranches of 40 million tokens 50 seconds apart. The action dropped the vulnerable address balance down to 23.7 XRP.
The exchange executed the manual asset consolidation because the XRP Ledger lacks protocol-level freezing functions. Standard stablecoin issuers routinely deploy freeze commands on compromised addresses. Network code constraints forced Binance to physically sweep the remaining balance to protect its infrastructure from further unauthorized withdrawals.
Historic Exploit Shatters Security Records
The asset sweep concludes an emergency operational response stemming from an October 29 cross-chain exploit that extracted $6.3B across ten distinct blockchains. Initial strike data compiled on the XRP Ledger showed threat actors siphoning 233.46 million XRP worth $296M inside a five-minute window at the onset of the breach. This exploit eclipses the September Bitget exchange incident where attackers stole 103 million XRP.
Network explorers tagged the compromised Binance address rK21t6nGLy4MNDqhvy3pGwcLFy25qgfzMx with a permanent warning label immediately following the breach. Leaving capital on the exposed endpoint invited continuous risk. Traders watched order books closely. Liquidity remained stable. Exchange representatives stated that corporate reserves and SAFU allocations will cover user losses.
About CryptoNewsFree Market Intelligence Wire
The CryptoNewsFree Market Intelligence Wire provides rapid, objective coverage of breaking crypto developments, regulatory actions, and market liquidity trends. Our reporting strictly follows our Editorial & Verification Standards.