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1h ago

$3M XRP Theft Traced to Huione-Linked OTC Desks After Ellipal Confirms Hot-Wallet Error

Investigators say cross-chain swaps into Tron funneled the funds to brokers linked to a U.S.-sanctioned marketplace, leaving recovery prospects slim.

Hackers steal $3.05m xrp from cold wallet, zachxbt traces funds
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Retiree loses over $3 million worth of XRP in suspected wallet compromise
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Overview

  • Retiree Brandon LaRoque says about 1.2 million XRP (roughly $3 million) vanished, with two 10-XRP test pulls on Oct. 12 followed by a sweep and rapid fan-out across hundreds of addresses.
  • Ellipal says the loss occurred because the hardware wallet’s seed was imported into its mobile app, which stored keys on the device and turned cold storage into a hot wallet, and it reports no hardware compromise.
  • On-chain analyst ZachXBT traced 120-plus Ripple-to-Tron swaps via Bridgers, consolidation on Tron at wallet TGF3hP5GeUPKaRJeWKpvF2PVVCMrfe2bYw, and dispersal to OTC desks adjacent to Huione.
  • Some hops appear as Binance on explorers because Bridgers uses the exchange’s liquidity, a quirk that can obscure casual tracing of the route.
  • LaRoque filed an IC3 report and contacted local police, while analysts warn recoveries are unlikely after cross-chain moves into OTC venues and caution that many crypto “recovery” outfits are predatory.