Bitget Suffers $83 Million XRP Theft; Ripple Confirms Inability to Freeze Assets

Cryptocurrency exchange Bitget has confirmed a major security breach resulting in the theft of $83 million worth of XRP. On-chain analysis shows the attacker quickly moved the funds across multiple addresses. Ripple stated that due to the decentralized architecture of the XRP Ledger, it lacks the technical capability to freeze assets in external accounts, even at the request of law enforcement. Recovery efforts are currently being led by Bitget and its security team.