ZachXBT Uncovers $3M XRP Theft via Wallet Error, Laundering
On October 12, blockchain investigator ZachXBT uncovered a $3.05 million XRP theft from a US user who mistakenly imported Ellipal’s cold-wallet seed into a hot wallet. The hacker drained 1.2 million XRP, bridged assets to Tron via a cross-chain aggregator, and laundered funds through OTC channels linked to US-sanctioned Huione. Ellipal confirmed no firmware flaw and warned against mixing wallet types, urging users to keep seed phrases offline. The tracing underscores vulnerabilities in hardware wallet management and the complexity of cross-chain laundering. Traders should note that this XRP theft highlights the heightened risk of wallet misconfiguration and bridge exploitation on market stability and asset security.
Bearish
This XRP theft undermines confidence in wallet security and cross-chain operations, likely prompting short-term selling pressure as traders reassess wallet risks. The involvement of a US-sanctioned laundering channel may weigh on XRP sentiment, creating market uncertainty. In the long term, improved security protocols and stronger regulations could stabilize XRP, but near-term price impact is expected to be negative due to heightened risk awareness.