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▲ Ripple (XRP) ©
XRP (Ripple) has been identified as the asset most affected by the hacking of global cryptocurrency exchange Bitget. Approximately $157.4 million worth of XRP was stolen, but the price surprisingly maintained its strength due to continued large-scale accumulation by whales, showing a contrasting trend to the hacking setback.
According to investment specialized media FXStreet on September 25 (local time), 102,926,478 XRP was withdrawn from one of Bitget's hot wallets, with the damage exceeding $157.4 million. In this hack, 31,890 Ethereum (ETH) and 12,719 BNB were also stolen, with XRP accounting for the largest portion of the affected assets.
Bitget temporarily suspended withdrawals but stated that user funds are safe. Bitget CEO Gracy Chen announced that the full loss can be covered by the User Protection Fund, which currently holds over $464 million. This explains that despite the hacking damage, user assets will not be lost.
The market is paying attention to the fact that XRP's price remained unshaken despite the large-scale theft. XRP was trading at $1.56 at the time of reporting, having risen over 16% in the past 7 days. In particular, according to Santiment, whale wallets holding 1 million to 10 million XRP accumulated an additional 470 million XRP over the past 5 days. This amounts to approximately $724 million based on current prices.
The relatively small proportion of XRP trading on Bitget in the overall market was also cited as a factor limiting the price impact. According to CoinMarketCap, Bitget's 24-hour XRP trading volume was $40.809 million, which was only 0.85% of the total XRP trading volume of $4.7 billion. Finbold therefore assessed that the existing XRP uptrend is being maintained despite the hacking damage exceeding $157 million.
Ultimately, this incident is noteworthy because XRP's global market price trend was not significantly shaken despite the major exchange hack. With the uptrend maintained against the backdrop of whale accumulation and extensive global trading volume, the movement of stolen XRP and Bitget's recovery process are expected to be key areas of interest in the market going forward.
*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. This content should be interpreted for informational purposes only.*
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