Millions Worth of XRP Stolen in Recent Exploit: Reason to Worry?

The crypto tracking and compliance platform MistTrack estimated that wrongdoers have drained over $6 million worth of XRP from the cryptocurrency exchange CoinEx. The total value of the drained assets equals approximately $54 million. 

However, XRP’s market depth on most popular marketplaces remains minimal, meaning the hackers might not be able to trigger substantial price fluctuations even if they dump their stash at once.

MistTrack revealed that the bad actors siphoned more than 12 million XRP tokens from CoinEx during one of the most recent exploits in the world of crypto.

They also stole 231 BTC (around $6 million), almost 30,000 BNB tokens ($6.3 million), approximately 141,500 SOL ($2.5 million), 2,220 BCH ($440,000), and many other coins.

Update: More hacker address balances were merged, and the total number of stolen funds was updated to ~$55.5M @coinexcom https://t.co/iOfXQiCaOc pic.twitter.com/V2WGWQvpLU

— MistTrack (@MistTrack_io) September 13, 2023

The entity said it will closely observe the hackers’ addresses, vowing to collaborate with other organizations to freeze the drained holdings.

Subsequently, MistTrack released an update stating that additional accounts have been merged, bringing the total number of stolen funds to $55.5 million. 

CoinEx acknowledged the attack and promised to compensate affected victims. In the meantime, it temporarily suspended withdrawals and deposits. 

“You have our solemn promise that a detailed timeline and comprehensive report about this incident will be shared with the community as swiftly as possible,” it stated.

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