Bitget Hack Shows XRP Cannot Be Frozen as $157M Moves

| coinspeaker.com
The Bitget hack has escalated as attackers moved about 102 million XRP, worth roughly $157 million, from three of the five wallets that initially held the stolen funds. About $75 million in XRP reportedly remains in the original wallets, while around 54 million XRP has moved between attacker-controlled addresses. The transfers do not confirm that the XRP has been sold, but traders are monitoring the wallets for possible exchange deposits and selling pressure. Bitget raised its estimated loss from about $350 million to $387.5 million after identifying additional Zcash and TRON-related transfers. The exchange said its protection fund will cover the loss and that customer balances are unaffected. Withdrawals are scheduled to resume in stages from September 28 through October 2, beginning with Bitcoin and Ethereum. The Bitget hack also highlights a major XRP Ledger security limitation. Native XRP cannot be frozen by Ripple or another central authority. The XRP Ledger freeze function applies only to issuer-controlled tokens issued through trust lines. Circle and Tether reportedly froze about $320,000 in USDC and USDT linked to the breach. Recovery of the stolen XRP therefore depends largely on whether the attacker sends it to an exchange that can freeze the receiving account. XRP traded near $1.54, down about 4% over 24 hours but up roughly 9% over the week.
Neutral
The immediate price impact on XRP is likely neutral. The movement of about $157 million in XRP creates a potential supply overhang and could trigger short-term volatility if the funds reach exchanges. However, the transfers so far have occurred between attacker-controlled wallets and do not prove that the XRP has been sold. XRP was already down about 4% over 24 hours, but remained higher over the week, suggesting that the market has not treated the wallet movements as confirmed selling. In the longer term, the incident may weigh on sentiment around XRP Ledger security and the recoverability of native XRP. Unlike issuer-controlled USDC and USDT, native XRP cannot be frozen at the protocol level. This limits direct recovery options and may increase traders’ risk premiums during future security incidents. At the same time, Bitget’s protection fund, unaffected customer balances and phased withdrawal plan reduce the risk of a broader confidence shock. Traders should monitor attacker wallets, exchange deposit addresses and confirmed sales rather than treating wallet transfers alone as bearish confirmation.