Stolen XRP worth $83 million leaves Bitget hacker's wallets
A hacker moved $83 million in stolen XRP from Bitget exchange, leaving $75 million in unfreezable wallets. The breach, linked to North Korea's Lazarus Group, involved $387.5 million in total theft. Bitget's User Protection Fund will cover losses, and withdrawals have resumed. XRP's design prevents freezing stolen tokens.
How this was made
The 30-second read
Why it matters
The hack underscores the importance of robust custodial security and may trigger regulatory scrutiny of exchange security practices.
Market read
First report of a major XRP theft; likely to cause short‑term price volatility for XRP and raise security concerns across crypto markets.
What to watch
Potential for law‑enforcement or exchange recovery actions that could restore confidence.
Background
Bitget, a global crypto exchange, suffered a $387.5 million breach on Sept 24, 2026. The attacker exploited a third‑party security product, draining hot and warm wallets.
Ticker impact
Approximately $83 million of stolen XRP was moved out of three wallets, with 54 million XRP already leaving the original holding accounts.
downward pressure as market prices in the hack‑driven sell‑off
Hackers are converting XRP to other assets; the inability to freeze XRP means the market must absorb the supply.
Market effects
Highlights security risks for crypto exchanges and may prompt tighter custodial controls across the sector.
Potential short‑term price dip for XRP on major Asian and US exchanges.
Large crypto hack draws attention to systemic vulnerabilities, affecting overall crypto market sentiment.
Counterpoint
If the stolen XRP is quickly moved to stablecoins or held long‑term, price impact could be muted.
Key entities
- exchangeBitget
Crypto exchange that was hacked.
- state‑sponsored hacking groupLazarus Group
Alleged perpetrators behind the attack.
