- Bitget lost $157.5M worth of XRP in a hack, making it the largest stolen asset.
- The stolen XRP represented about 44% of the $351.6M in crypto taken during the Bitget hack.
- XRP stayed near $1.54 despite the breach, gaining 16% over the past week.
Crypto exchange Bitget has suffered a security breach in which hackers stole more than 102.9 million XRP, worth about $157.5 million. According to analytics firm Lookonchain, the attacker stole about $351.6 million in crypto in total, and XRP was the largest stolen asset by value. The stolen funds included:
- 102.9 million XRP — $157.5 million
- 31,890 ETH — $85.8 million
- $34.75 million USDT
- $21.06 million USDC
- Other crypto assets
Essentially, the stolen XRP accounted for about 44% of the total value. Meanwhile, Lookonchain said the attacker had already converted most of the stolen funds on EVM-compatible networks into about 67,982 ETH, worth roughly $183 million.
Bitget Says User Funds Are Safe
Bitget CEO Gracy Chen confirmed that the exchange was hacked on September 24 after unauthorized transfers were detected from some of its hot wallets. The estimated loss was about $351.6 million.
Chen said Bitget’s cold wallets were not affected and that only some hot and warm wallets were compromised. She also said Bitget’s User Protection Fund, which holds more than $464 million, covers the full loss.
Bitget temporarily stopped withdrawals while it investigated the attack. Deposits and trading continued, and the exchange notified law enforcement and blockchain security companies.
Does the Stolen XRP Affect Its Price?
The large amount of XRP stolen in the Bitget hack has raised concerns about additional selling pressure. Selling more than 100 million XRP is a significant amount compared with normal market activity. However, XRP’s price has remained strong since news of the hack emerged.
According to CoinMarketCap, XRP was trading at around $1.54, up 3.71% in the last 24 hours and 16% over the past week.
What happens to the stolen XRP is now critical. If the attacker sends the tokens to exchanges and sells them, the additional supply can put downward pressure on XRP’s price. If the XRP is frozen, tracked, or prevented from reaching the market, the direct selling pressure remains limited.
Essentially, the theft does not mean that all 102.9 million XRP will be sold. The price impact depends on how much of the stolen XRP reaches the open market and how quickly it is sold.
The Bitget hack highlights how large-scale token theft does not automatically translate into immediate market impact. While the stolen XRP represents a significant portion of supply, its effect on price will depend on whether those funds reach exchanges and are sold. Until then, XRP’s resilience suggests the market is pricing in containment rather than imminent selling pressure.
Related: Bitget Exploit: What Happened to $351.6M and Are User Funds Safe?
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