Summary
- The Bitget hacker moved about $83 million worth of XRP out of three wallets.
- Ripple said it cannot freeze or forcibly move the XRP held in the hacker’s wallet because XRP is the network’s native asset.
- Bitget estimated the hack-related losses at about $387.5 million and said its protection fund can cover the damage, leaving customer assets unaffected. It plans to resume withdrawals for Bitcoin (BTC), Ether (ETH) and Tether (USDT) in stages from Sept. 28 to Sept. 30.
Forecast Trend Report by Period
A hacker who stole about $83 million worth of XRP from global digital-asset exchange Bitget has moved the tokens to other wallets. Ripple also cannot freeze the holdings, CoinDesk reported.
CoinDesk reported on Sept. 26 that the Bitget hacker moved about $83 million worth of XRP out of three wallets.
The problem is that Ripple cannot directly freeze assets remaining in the hacker’s wallet when those assets are XRP. The XRP Ledger allows companies and other issuers to freeze tokens they issue directly on the network, but that function does not apply to XRP, the network’s native asset.
As a result, Ripple cannot forcibly move or freeze the tokens while the hacker keeps the XRP in a private wallet. If the stolen XRP is transferred to a centralized exchange, however, that exchange could restrict accounts linked to the hacker and block withdrawals.
Bitget estimates the total damage from the hack at about $387.5 million. The exchange said its protection fund can cover the losses, meaning customer assets will not be affected. It plans to resume Bitcoin withdrawals on Sept. 28, Ether withdrawals on Sept. 29 and Tether withdrawals on Sept. 30.
Uk Jin
wook9629@bloomingbit.ioH3LLO, World! I am Uk Jin.