$83 Million Stolen XRP Moved On-Chain Amid Bitget Hack Investigation

The Bitget hack has resulted in over $83 million worth of XRP being stolen. The attacker is now moving this funds on-chain, which means they are transferring it into a blockchain-based wallet. This development comes as a significant concern for the cryptocurrency community, particularly given that Ripple's inability to freeze wallets on the XRP Ledger leaves exchanges as one of the few potential intercept points before the funds can be cashed out.

Interestingly, despite the stolen amount being substantial, roughly $75 million still sits untouched in its original wallets. This implies that the attacker has not yet attempted to liquidate a significant portion of the stolen XRP.

The situation highlights the importance of security measures for cryptocurrency exchanges and the need for robust wallet protection mechanisms. As the hacker continues to move funds on-chain, it remains to be seen whether they will attempt to cash out or engage in further illicit activities.