Bitget Freezes XRP Withdrawals as Stolen Tokens Move

Bitget, a cryptocurrency exchange that was hacked in September, has frozen XRP withdrawals until October 2. The move comes as 27 million stolen tokens are being moved through various wallets.

The hack, which occurred on September 24, resulted in the loss of approximately $387.5 million worth of assets, including XRP. Bitquery, a analytics firm, tracked the movement of the stolen tokens and found that 27.63 million XRP had been transferred to new accounts by September 26.

The majority of these tokens were being swapped for Bitcoin on THORChain, a cross-chain swap network, according to Bitquery's investigation. However, it is unclear where the final destination of the stolen tokens will be or how they will be used.