$83 Million in XRP Leaves Bitget and the Ledger Has No Freeze Button
Two holding wallets are down to pocket change. The other $75 million sits in accounts the network's rules do not let anyone freeze.
About $83 million in XRP left three holding wallets in the Bitget breach[1]. Another $75 million stayed in accounts that cannot be frozen under the XRP Ledger’s rules[1].
Two accounts each held 20 million XRP[2]. By 12:41 UTC on September 26, one was down to about 23 tokens and the other to 55[2]. Roughly 54 million XRP had left the holding accounts[3].
Bitquery traced the XRP through new accounts into THORChain[4]. Most of what it followed was swapped into Bitcoin there[4]. Bitget said its protection fund would cover the losses[5]. Withdrawals would resume in stages from September 28 through October 2[5].
What to do: no action needed — the exchange says customer balances were not touched and the fund covers the losses[5].
Who gains, who loses
Receipts
Approximately $83 million in stolen XRP moved out of three holding wallets, while approximately $75 million remained in accounts that cannot be frozen under the XRP Ledger's existing rules.
“The hacker behind crypto exchange Bitget’s $388 million breach has moved about $83 million in stolen XRP out of three holding wallets, leaving another $75 million in accounts that cannot be frozen under the network’s existing rules.”
By 12:41 UTC on September 26, two XRP accounts that initially held 20 million XRP each had been reduced to approximately 23 and 55 XRP.
“By 12:41 UTC Saturday, two accounts that initially held 20 million XRP each had been reduced to about 23 and 55 tokens, according to CoinDesk’s review of XRP Ledger records.”
Approximately 54 million XRP had left the original holding accounts by September 26, while the transfers did not establish how much XRP had been sold.
“About 54 million XRP has now left the original holding accounts.”
Bitquery reported that the XRP moved through new accounts into THORChain and that most of the traced XRP was being swapped into Bitcoin.
“It hops through new accounts into THORChain, and most of what we followed is being swapped into Bitcoin.”
Bitget said its protection fund would cover the losses and that customer balances were unaffected, with withdrawals scheduled to resume in stages from September 28 through October 2.
“Bitget said its protection fund will cover the losses and customer balances are unaffected, with withdrawals scheduled to resume in stages from Sept. 28 through Oct. 2.”
Cabal Desk is reporting, written with AI under human oversight. Every bracketed number opens its receipt: the source, the quoted span, the hash. Headlines and characterisations are commentary; the sourced facts are the receipts. Not investment advice. Corrections log. Editorial & legal.