Coinbase blocks transfers to compromised wallets as Ripple freezes $200 million linked to Binance hack
Coinbase has begun blocking sends to compromised wallets and offered aid to Binance, while Ripple froze roughly $200 million in connected funds following a reported security incident.
Crypto industry players are mobilizing in response to a reported security breach at Binance. Binance co-founder Yi He stated that Ripple froze approximately $200 million in funds tied to the incident, thanking the Ripple team for their swift action and assuring users that funds are "SAFU." According to Crypto Banter, Ripple's action adds to freezes already reported by stablecoin issuers Tether and Circle.[2][4][5]
Coinbase chief executive Brian Armstrong subsequently announced that the exchange is intervening to mitigate the situation. Armstrong said Coinbase is actively blocking sends to compromised wallets and has reached out directly to Binance to offer assistance.[1][3][6]
Calling for cross-platform solidarity, Armstrong stated that such moments require the crypto sector to work together by openly sharing useful intelligence to protect users regardless of where they trade. He added that the industry has weathered past hardships and will emerge stronger.[1][3][6]
Key facts
- Binance co-founder Yi He stated that Ripple promptly froze approximately $200 million in funds connected to the Binance incident.
- Yi He assured that user funds are "SAFU" following the freeze.
- The freeze by Ripple adds to freezes previously reported by Tether and Circle.
- Coinbase CEO Brian Armstrong said the exchange is blocking transfers to compromised wallets and has offered help to Binance.
- Armstrong urged the cryptocurrency industry to openly share information to protect customers across all platforms.
Sources · 5 sources
- WG
Watcher.Guru@WatcherGuruPost on X ·
JUST IN: Coinbase CEO Brain Armstrong says his team is doing everything they can to help following Binance hack. "Crypto has been through many tough times, and has always come out stronger on the other side. This won't be any different."
Open source - CB
Crypto Banter@crypto_banterPost on X ·
🚨RIPPLE FREEZES ~$200M TIED TO THE BINANCE HACK! Binance co-founder @heyibinance says the Ripple team has frozen about $200 million in funds linked to the suspected Binance incident. This adds to freezes already reported by Tether and Circle.
Open source - CO
Cointelegraph@CointelegraphPost on X ·
⚡️ NOW: Coinbase CEO Brian Armstrong says Coinbase has blocked transfers to compromised wallets and offered help to Binance. “Moments like this call for the industry to work together.” https://t.co/R4eqtD704W
Open source - SI
Solid Intel 📡@solidintel_xPost on X ·
INTEL: Binance co-CEO Yi He says Ripple has frozen approximately $200 million linked to the Binance hack
Open source - CO
Cointelegraph@CointelegraphPost on X ·
🚨 JUST IN: Binance co-founder Yi He thanked Ripple for promptly freezing approximately $200 million in funds, adding that user funds are SAFU. https://t.co/jZAGMmPnTR
Open source - BA
Brian Armstrong@brian_armstrongPost on X ·
Our team is doing everything we can to support in the current situation, including blocking sends to compromised wallets. We've also reached out to Binance to offer our help. Moments like this call for the industry to work together. Openly sharing any useful information and helping to protect customers should come first, regardless of which platform they use. If you can do anything to help, please do! Crypto has been through many tough times, and has always come out stronger on the other side. This won’t be any different.
Open source