Who Can Freeze the XRP Stolen in Bitget’s $351.6 Million Hack?

Hackers walked away from Bitget with $351.6 million, and a massive chunk of it sits beyond the reach of any organization that might try to stop them. Whether XRP holders feel the fallout depends on a decision the attackers have…

This post may contain links from our sponsors and affiliates, and Flywheel Publishing may receive compensation for actions taken through them.

Recently, a major security breach at the crypto exchange Bitget resulted in the theft of $351.6 million, with XRP (CRYPTO:XRP) accounting for the largest portion—about 103 million XRP worth roughly $157 million at that time. Unlike the dollar tokens taken during the hack, that XRP cannot be frozen by any organization.

Despite this, XRP’s trading price rose to $1.55 on September 25, showing a 4% increase. But does this unfreezable XRP link to the Bitget hack pose a risk to XRP holders?

Attackers Faked Transfer Orders Instead of Stealing Bitget’s Keys

Bitget CEO Gracy Chen revealed that attackers exploited a vulnerability in the exchange’s backend system. They sent fake transaction data that tricked Bitget’s approval process into approving 19 unauthorized withdrawals from its “hot” and “warm” wallets—online wallets used for daily transactions.