Bitget Hacker Moves $83 Million in Stolen XRP That Ripple Can't Freeze
A hacker has moved $83 million in stolen XRP from Bitget, which Ripple cannot freeze. Only $75 million remains in the original holding accounts. This highlights the limitations of freezing crypto assets once they are moved.
Key takeaways
- A hacker has moved $83 million in stolen XRP from Bitget.
- Ripple cannot freeze the stolen XRP once it has been moved.
- Only $75 million remains in the original holding accounts.
A hacker has moved $83 million in stolen XRP from Bitget, which Ripple cannot freeze. Only $75 million remains in the original holding accounts. This highlights the limitations of freezing crypto assets once they are moved.
What Happened to the Stolen XRP?
Two wallets have been almost emptied, and a third is being drained. The remaining $75 million is spread across the five original holding accounts. This movement follows the recent $388 million security breach at Bitget, which affected assets on multiple blockchains, including Zcash and TRON.
Why Can't Ripple Freeze the XRP?
Unlike stablecoins like USDC and USDT, XRP cannot be frozen once it is moved. This is because XRP operates on its own blockchain, which does not have the same freezing mechanisms as other cryptocurrencies. This limitation makes it difficult to recover stolen funds once they are transferred.
What This Means for Crypto Security
The incident underscores the challenges of recovering stolen crypto assets. While stablecoin issuers like Circle and Tether can freeze wallets holding their tokens, other cryptocurrencies like XRP and Ether lack such mechanisms. This highlights the need for improved security measures and recovery options in the crypto space.
For more on crypto security breaches, see our coverage of the Coldcard hacker moving $7.7M in BTC and the Arbitrum Perp DEX AFX Trade hack.
Frequently asked questions
Can Ripple freeze stolen XRP?
No, Ripple cannot freeze stolen XRP once it has been moved. Unlike stablecoins, XRP operates on its own blockchain without freezing mechanisms.
How much XRP was stolen from Bitget?
A total of $83 million in XRP was moved by the hacker, with $75 million remaining in the original holding accounts.
What other assets were affected by the Bitget breach?
The Bitget breach affected about $388 million in assets across multiple blockchains, including Zcash and TRON.