Bitget Freezes XRP Withdrawals After 27M Stolen Tokens Move
Bitget slammed the brakes on XRP withdrawals Sept. 26 after onchain trackers spotted millions in stolen tokens bouncing between wallets.
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Key takeaways
- Bitget disabled XRP withdrawals on Sept. 26.
- Onchain tracking revealed 27 million stolen XRP actively moving.
- Bitquery data shows no immediate spot-market dumping of the assets yet.
Bitget abruptly cut off XRP withdrawals on Sept. 26. The trigger? Onchain trackers caught 27 million stolen tokens shifting through active wallets.
Trace data from blockchain analytics firm Bitquery showed the loot moving onward across the ledger. That said, their analysis indicates the stolen XRP hasn't hit spot markets for an immediate sell-off just yet.
Withdrawals remain completely offline as security monitoring continues. Bitget still hasn't clarified where these stolen tokens originated, and they haven't given users any timeline for reopening normal XRP services.
Why it matters
When exchanges hit the panic button over a hack, regular traders get caught in the crossfire. Freezing operations stops thieves from dumping stolen crypto, but it locks up your capital just the same. Keep your funds on centralized exchanges, and you'll get reminded the hard way: unless you hold the private keys, your access gets cut off without warning.
Source: CryptoSlate
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