A hacker has moved about $83 million in XRP from Bitget accounts, leaving only roughly $75 million in the original five holding wallets. The incident highlights the limitations of Ripple’s token‑freezing capabilities and raises questions about the security posture of major crypto exchanges.
Bitget, a prominent cryptocurrency exchange, had previously disclosed a security breach that exposed several XRP wallets. The attacker has now drained two of the wallets almost entirely and is actively draining a third. The remaining five original holding accounts still contain approximately $75 million in XRP, underscoring the scale of the theft.
Unlike many other digital assets, XRP does not support a built‑in freeze function that can be invoked by the issuer or a regulatory authority. Consequently, once the tokens are moved, they cannot be locked or recalled, leaving the exchange and its users with limited recourse.
The move underscores the importance of robust security practices for exchanges and the challenges regulators face in enforcing asset recovery for digital currencies that lack built‑in controls. It also illustrates the broader systemic risk posed by sophisticated cyber‑attacks in the crypto ecosystem.
While Ripple cannot freeze the stolen XRP, the exchange and other stakeholders may pursue legal avenues to recover the assets. The incident serves as a stark reminder that security breaches can result in significant losses that are difficult to reverse in the current crypto landscape.