Bitget Freezes XRP Withdrawals After 27 Million Stolen Tokens Detected Moving
(5 days ago) · 1 source · Summarized by CryptoBipto
Cryptocurrency exchange Bitget has frozen XRP withdrawals after approximately 27 million stolen XRP tokens were reportedly detected moving on-chain. The freeze appears to be a precautionary measure to prevent the stolen funds from being laundered through the platform.
WHY IT MATTERS
When cryptocurrency is stolen, the thief often tries to move it to an exchange — a platform where people buy and sell crypto — to convert it into other currencies or withdraw it as cash. Think of it like a bank freezing transactions when it suspects counterfeit bills are being deposited. By freezing XRP withdrawals, Bitget is trying to prevent potentially stolen tokens from leaving the platform. For newcomers, this highlights an important aspect of centralized exchanges: they have the ability to pause transactions to protect users and comply with security protocols, unlike decentralized systems where no single party has that control. XRP is a cryptocurrency associated with the XRP Ledger, a blockchain network originally developed by Ripple Labs.
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- cryptoslate.com
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