Sophisticated XRP Cold Wallet Hack Drains $3M Overnight
An XRP cold wallet hack siphoned 1.21 million XRP (over $3 million) from a trader’s Ellipal hardware wallet overnight. The attacker performed small test transfers before sweeping the full balance into a new wallet and dispersing funds across hundreds of addresses. Other assets on the device, including XLM and FLR, remained untouched. The victim reported the breach to the FBI, IC3 and local law enforcement while blockchain investigators trace the stolen XRP, though the dispersal strategy complicates recovery. This XRP cold wallet hack highlights the critical importance of hardware wallet security, firmware updates, robust seed phrase protection, multisig wallets and diversified storage for crypto traders.
Bearish
The theft of over $3 million XRP in a cold wallet hack is likely to weigh on trader confidence and prompt short-term selling pressure on XRP. The sophisticated dispersal across hundreds of addresses undermines perceived security of hardware wallets and may fuel market uncertainty. In the long term, heightened awareness of cold wallet vulnerabilities could drive demand for stronger security solutions, potentially stabilizing prices as traders adopt firmware updates, multisig setups and diversified storage strategies.