Bitget Hack: $157M in Stolen XRP Sits in Wallets No One Can Freeze
Bitget reported a hack where $157.48M in XRP, along with other assets, was stolen. The XRP cannot be frozen as it is the native asset of the XRP Ledger. Bitget's CEO suggested possible links to DPRK-linked hacker groups. The exchange plans to cover losses using its User Protection Fund, which holds 5,500 BTC.
How this was made
The 30-second read
Why it matters
The loss of $157 M in native XRP, which cannot be frozen, creates a unique risk scenario for the XRP ecosystem and may trigger regulatory scrutiny of exchange custodial practices.
Market read
First‑hand report of a major XRP theft; traders should monitor XRP price action and exchange responses.
What to watch
Possible coordination with other stolen assets (ETH, stablecoins) and the role of bridges could mitigate immediate price impact.
Background
Bitget is a major crypto exchange; this hack follows previous high‑profile crypto thefts linked to North Korean groups.
Ticker impact
Bitget reported a hack that stole 102.98 million XRP (~$157 M) from its wallets, the first public disclosure of this loss.
Short‑term dip of 2‑5% if cash‑out accelerates; possible rebound if exchanges freeze outbound flows.
The hack involves a sizable amount of native XRP that cannot be frozen, creating immediate supply‑side risk.
Market effects
Highlights security risks for centralized crypto exchanges and may prompt tighter custodial standards across the crypto sector.
Potential ripple effects on Asian exchanges that handle large XRP volumes.
Large XRP theft could affect overall crypto market sentiment and liquidity.
Counterpoint
If the hacker struggles to cash out, XRP may remain stable or even rally on buying pressure from risk‑averse holders.
Key entities
- ExchangeBitget
Centralized crypto exchange where the hack occurred.
- Threat ActorLazarus Group
North Korean‑linked hacker group possibly linked to the attack.
