XRP Accounts for Largest Share of Assets Stolen From Bitget

Bitget stolen funds breakdown showing 102.93 million XRP valued at approximately $157.48 million, alongside other crypto assets.

XRP accounts for the largest identified portion of cryptocurrency assets stolen from Bitget in a security breach that the exchange estimates caused approximately $351.6 million in losses.

According to blockchain analytics firm Lookonchain, the stolen assets include 102.93 million XRP, valued at approximately $157.48 million at the time of its tracking. BSCN reported the figures in a post on X, citing Lookonchain's on-chain monitoring.

The XRP position represents the largest single asset identified in the stolen portfolio. Lookonchain's later breakdown put the total value of the identified assets at approximately $356.86 million, although that figure differs from Bitget's own estimate of $351.6 million.

XRP Remains Largely on the XRP Ledger

The movement of the stolen assets has differed across blockchain networks. Lookonchain reported that most of the assets taken from Ethereum-family networks were converted into 67,982 ETH, worth approximately $183 million.

XRP has followed a different path. According to the information shared by BSCN, the 102.93 million XRP remains largely on the XRP Ledger rather than being converted into ETH.

The distinction is relevant to the ongoing on-chain tracking of the stolen funds. XRP transactions can be monitored directly on the XRP Ledger, while assets originating on Ethereum-compatible networks have undergone additional swaps that have resulted in a large ETH position.

Lookonchain's asset breakdown also identified 31,890 ETH worth $85.75 million, along with 34.75 million USDT, 21.05 million USDC, 19.67 million USD₮0, 3,000 XAUt, 12,719 BNB, 821,012 AVAX and 20.59 million TRX.

Bitget Flags Abnormal Addresses

Bitget has confirmed unauthorized transfers involving portions of its wallet infrastructure. The exchange said abnormal addresses connected to the incident had been flagged and reported to authorities and blockchain security firms.

The exchange has also said that the incident affected parts of its hot and warm wallet infrastructure, while its cold wallets remained secure. Bitget temporarily suspended withdrawals as it investigated the breach, while deposits and trading remained available, according to reports published after the incident.

Bitget CEO Gracy Chen later said preliminary findings pointed to a compromise involving a backend wallet system rather than a direct theft of private keys. The investigation into how the unauthorized transfers were authorized remains ongoing.

Investigation Continues as Funds Are Tracked

The difference between Bitget's reported $351.6 million loss and Lookonchain's later asset valuation reflects separate methods of measuring the affected funds. Lookonchain's figures are based on on-chain observations and asset valuations at the time of tracking, while Bitget's figure represents the exchange's own estimate.

For now, the 102.93 million XRP remains the largest identified asset in the stolen portfolio, while a substantial portion of funds originating on EVM-compatible networks has been converted into 67,982 ETH. Bitget's investigation and efforts to trace the abnormal addresses remain ongoing.

writer: Ethan Collins
Crypto Journalist
Ethan Collins reports on developments across the cryptocurrency and blockchain sector. His work covers market movements, protocol updates, regulatory changes, and emerging trends in digital assets.
He focuses on presenting complex topics in a clear and accessible manner for a broad readership.