Bitget Hacker Moves $83 Million in Stolen XRP, Leaves Ripple Without Freeze Option

A hacker who attacked Bitget has moved $83 million in stolen XRP to external wallets. The funds were initially split across five accounts and then dispersed to other wallets.

Ripple, the issuer of XRP, cannot freeze the hacked wallets because its technical design does not allow for it. This is due to the fact that XRP's freeze function only applies to tokens issued directly on the network by companies or entities, not to XRP itself.

Circle and Tether have already frozen approximately $320,000 in stablecoins linked to the hack.

The total losses from the hack are estimated at around $387.5 million, with Bitget attributing this figure to assets stolen during the original breach. Customer assets remain unaffected due to the protection fund's coverage capacity, which is currently valued at approximately $462 million.