Ripple has frozen RLUSD linked to the large transfers out of Binance hot wallets on October 29. Jack McDonald, senior vice president for stablecoins at Ripple, said the company is monitoring the activity and is actively freezing affected funds.
McDonald wrote: “Ripple is closely monitoring reports of a potential exploit involving Binance and its attackers’ RLUSD holdings and we are actively freezing affected funds. We’re coordinating with relevant parties and stand ready to support any investigation and appropriate action to keep users protected.”
Binance co-CEO Yi He later said Ripple had frozen approximately $200 million in RLUSD. On-chain data showed some RLUSD had already been swapped for ether before the freezes took full effect. Binance has not confirmed a total loss figure. It has said user funds are safe and that the verified amount frozen across all assets currently stands at $2.54 billion.
The move places Ripple alongside Tether and Circle in blocking stablecoins that left Binance-labelled wallets. How much of the RLUSD that moved before the freeze remains recoverable is not yet clear.
Author: Andy Samu
See Also:
Binance Hot Wallets Lose $3.5bn in Potential Record Crypto Hack | Disruption Banking
Andrew Samu
Andrew Samu, Editor-at-Large at Disruption Banking, shapes the publication’s global coverage of banking, capital markets and digital assets. Based at London’s Level39, he combines market analysis with a strong commercial perspective, informed in part by his role as Commercial Director at Verita HR.
