A significant security breach has raised alarms in the cryptocurrency community as a US-based user reportedly stole $305 million worth of XRP. This incident has put Ellipal's hot wallet services under intense scrutiny, prompting discussions about the safety of digital asset storage solutions, as analysts warn in the report.
Attack Overview
According to blockchain researcher ZachXBT, the attacker executed over 120 Ripple conversions via the Bridgers exchange on October 12, 2025. The stolen funds were subsequently consolidated on the TRON blockchain, indicating a sophisticated approach to laundering the assets.
Money Laundering Network
By October 15th, all stolen funds had been funneled through over-the-counter (OTC) desks associated with a Southeast Asian money laundering network known as Huione. This network is reportedly linked to a crypto ecosystem that is currently under US sanctions, raising further concerns about the implications of such activities on regulatory frameworks.
Response from Ellipal
In light of this incident, Ellipal has announced a renewed focus on enhancing its cold wallet technology, as the security of hot wallets has come into question. The company aims to reassure users about the safety of their digital assets amidst growing fears of similar attacks in the future.
In a notable contrast to the recent security breach involving $305 million in stolen XRP, the US DEA has seized $547 million in cryptocurrency, highlighting the increasing regulatory actions against financial crimes. For more details, see read more.
