XRP Hit First in Binance Hack: Five Wallets Drained in About Four Minutes
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Binance suffered a wallet breach on Oct. 29 in which approximately $296 million in XRP was drained from five Payments Consolidated wallets in roughly four minutes, according to blockchain investigators at TRM Labs. Ripple froze stolen RLUSD as part of the response, and Binance subsequently confirmed that customer XRP balances were fully backed. The incident marks one of the largest XRP-specific thefts to date and underscores the concentration risk in exchange hot-wallet infrastructure. The speed of the four-minute drain suggests coordinated, well-planned execution rather than opportunistic exploitation. Watch for further details from TRM Labs' full tracing report, any recovery of the frozen RLUSD, and Binance's disclosure of how the breach occurred.
Muhabbit's AI wrote this summary in its own words from Bitcoin.com News's report. It can get details wrong, so check the source.
Named in this story
Binance, XRP (XRP), Ripple (XRP), RLUSD, TRM Labs
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