Bitget hacker moves $83 million in stolen XRP that Ripple cannot freeze
In this news:
Key takeaways
- The Bitget hacker has moved $83 million in stolen XRP across multiple new wallets.
- Unlike USDC and USDT, XRP lacks built-in controls allowing issuers to freeze tokens.
- XRP traded around $1.54 following the breach, down about 4% over 24 hours.
Circle and Tether, the companies behind dollar-linked tokens USDC and USDT, have already frozen about $320,000 in stablecoins connected to the breach. Their tokens contain controls that allow the companies to blacklist addresses.
The XRP transfers accelerated overnight. At 04:32 UTC Saturday, about 70 million tokens remained in the original five accounts. Roughly eight hours later, that balance had fallen to 49 million.
Transfer routes and distribution of stolen funds
Some payments followed routes already used by the first wallet. After an attempted transfer of about 521,000 XRP failed because that account lacked sufficient funds, the second sent an identical amount to the intended recipient roughly an hour later.
About 54 million XRP has now left the original holding accounts. The transfers show the attacker distributing the stolen funds across more wallets, although they do not reveal how much has been sold.
XRP market price and trading volume
XRP traded around $1.54 on Saturday, down about 4% over 24 hours while retaining a weekly gain of about 9%, according to CoinGecko.
At that price, the original XRP haul was worth roughly $160 million, or equivalent to about 4% of the token’s $4.4 billion in reported daily trading volume. How much a sale would move the price depends on the buy orders available when it happens.
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