XRP Declines Following Record $6.3 Billion Binance Hack

XRP fell 4.2% in a 24-hour period following a massive security breach at Binance, the world's largest cryptocurrency exchange. Hackers successfully drained $6.3 billion from Binance's hot wallets in what is being described as the largest crypto theft in history. According to blockchain tracker Arkham, XRP was among the first assets targeted, with approximately $300 million stolen during the initial phase of the attack. The incident has highlighted structural differences between Ripple's native token and its stablecoin, RLUSD. While Ripple was able to assist in freezing roughly $200 million in RLUSD linked to the hack, it lacks the technical capability to freeze XRP on the XRP Ledger. This distinction suggests that institutional clients may favor the stability and security of RLUSD over the volatility and lack of control associated with XRP.

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