XRP News: Bitget Hacker Moves 54M XRP, Putting Fresh Selling Pressure
The attacker behind Bitget’s $388 million news driver has moved about 54 million stolen XRP out of three of the five wallets that originally held the funds. The redistribution raises the odds of future selling pressure on XRP.
Nearly 103 million XRP was taken from Bitget and split across five accounts when the exchange’s wallet infrastructure was breached. What has changed since is not the size of the theft but its distribution, but coins that sat static for roughly a day are now spreading across new addresses.
Why Does This News Increase XRP Sell-Side Risk?
WalletInitial HoldingBalance as of SaturdayWallet 1~20 million XRP~23 XRPWallet 2~20 million XRP~55 XRPWallet 3Unspecified share of 103M total~5.8 million XRPWallets 4 & 5 (combined)Remaining share of 103M total~43 million XRP (implied)
Two wallets that each initially held 20 million XRP were reduced to about 23 XRP and 55 XRP, respectively, by 12:41 UTC on Saturday. A third wallet, which had held a larger share of the haul, was down to about 5.8 million XRP after the same window. Roughly 49 million XRP, worth about $75 million, remained across the original five accounts at this point.
$XRP
#Cryptonews #BinanceCrypto
The attacker behind Bitget’s $388 million news driver has moved about 54 million stolen XRP out of three of the five wallets that originally held the funds. The redistribution raises the odds of future selling pressure on XRP.
Nearly 103 million XRP was taken from Bitget and split across five accounts when the exchange’s wallet infrastructure was breached. What has changed since is not the size of the theft but its distribution, but coins that sat static for roughly a day are now spreading across new addresses.
Why Does This News Increase XRP Sell-Side Risk?
WalletInitial HoldingBalance as of SaturdayWallet 1~20 million XRP~23 XRPWallet 2~20 million XRP~55 XRPWallet 3Unspecified share of 103M total~5.8 million XRPWallets 4 & 5 (combined)Remaining share of 103M total~43 million XRP (implied)
Two wallets that each initially held 20 million XRP were reduced to about 23 XRP and 55 XRP, respectively, by 12:41 UTC on Saturday. A third wallet, which had held a larger share of the haul, was down to about 5.8 million XRP after the same window. Roughly 49 million XRP, worth about $75 million, remained across the original five accounts at this point.
$XRP
#Cryptonews #BinanceCrypto
