Bitget's $387.5M Hack Escalates: Hacker Moves $83M in XRP — And Ripple Can't Freeze It
The Bitget breach keeps getting worse. The attacker has moved roughly $83 million in XRP out of three holding wallets, leaving about $75 million in accounts that nobody can freeze under XRP Ledger rules.
Key facts 👇
💸 Total theft revised up to $387.5 million (from $351.6M, after accounting for Zcash and TRON)
🪙 Of the ~103M XRP stolen across five accounts, ~54M XRP (~$83M) has already been moved and redistributed
❄️ Ripple cannot freeze XRP: the freeze function only applies to tokens issued on the ledger — XRP is the native asset, so even Ripple has no mechanism to block the attacker
🛡️ Circle and Tether froze ~$320K in related stablecoins (USDC/USDT have issuer-controlled blacklists)
🏦 Bitget says customer balances are unaffected, its protection fund covers the loss; withdrawals resuming in stages from Sept. 28 through Oct. 2
💡 Ironically, it's the very decentralization of XRP that makes these funds nearly unrecoverable — centralized exchanges are now the only chokepoint. Is this the price of decentralization, or just its true nature? 👇
#Bitget #XRP #Hack #CryptoSecurity #Ripple
The Bitget breach keeps getting worse. The attacker has moved roughly $83 million in XRP out of three holding wallets, leaving about $75 million in accounts that nobody can freeze under XRP Ledger rules.
Key facts 👇
💸 Total theft revised up to $387.5 million (from $351.6M, after accounting for Zcash and TRON)
🪙 Of the ~103M XRP stolen across five accounts, ~54M XRP (~$83M) has already been moved and redistributed
❄️ Ripple cannot freeze XRP: the freeze function only applies to tokens issued on the ledger — XRP is the native asset, so even Ripple has no mechanism to block the attacker
🛡️ Circle and Tether froze ~$320K in related stablecoins (USDC/USDT have issuer-controlled blacklists)
🏦 Bitget says customer balances are unaffected, its protection fund covers the loss; withdrawals resuming in stages from Sept. 28 through Oct. 2
💡 Ironically, it's the very decentralization of XRP that makes these funds nearly unrecoverable — centralized exchanges are now the only chokepoint. Is this the price of decentralization, or just its true nature? 👇
#Bitget #XRP #Hack #CryptoSecurity #Ripple
