Bitget Hack Exposes Vulnerability in Native XRP Controls
A significant XRP breach occurred on Bitget, resulting in over $157 million in stolen assets. On September 24 at 3:01 p.m. ET (19:01 UTC), 102.97 million XRP was transferred from two Bitget-labeled wallets to a newly created address.
The funds were split among five wallets, with four holding approximately 20 million XRP each and one holding about 22.98 million XRP. The exchange detected the unauthorized transfers at 2:31 p.m. ET (18:31 UTC) and estimated that around $351.6 million in assets had been affected.
Bitget's cold wallets were reportedly unaffected, but withdrawals were temporarily suspended. According to Bitget, their User Protection Fund would cover user losses. It is worth noting that the XRP Ledger cannot freeze native XRP, which differs from tokens issued on the ledger.