Bitget Revises Theft to $387.5M, 103M XRP Move Across Wallets
Bitget raised its theft estimate to $387.5M after discovering stolen assets on Zcash and TRON. Nearly 103M XRP tokens are moving across wallets, raising liquidation risks.
Bitget revised its estimate of the cryptocurrency theft from a September 24 security breach to about $387.5 million on September 27, up from an initial $351.6 million, the exchange said. The revision followed the discovery of stolen assets on the Zcash and TRON networks that had not been included in the first tally. Among the tokens affected, nearly 103 million XRP are now moving across multiple wallets, according to Bitget's statement.
XRP, a token used for cross-border payments and liquidity, has a market capitalization of approximately $593 million. The active movement of the stolen XRP raises the risk of liquidation or laundering, which could add selling pressure if the tokens are sent to exchanges. Bitget said it contained the breach and patched the exploited vulnerability, preventing further unauthorized transfers.
The containment reduces the immediate risk of additional theft. However, the ongoing movement of the stolen 103 million XRP remains a concern for holders and traders. XRP lacks traditional valuation metrics such as earnings or a P/E ratio, meaning market confidence is heavily tied to platform security and token utility.
The stolen XRP movement is continuing, and traders are monitoring large inflows to exchanges. The total theft now includes assets from three blockchains, Bitcoin, Zcash, and TRON, with XRP accounting for a significant portion of the value.
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