XRP Holders Beware: One User Scammed Out of $3 Million

Blockchain researcher ZachXBT revealed that a US user lost $3.05 million (approximately 1.2 million XRP) after his Ellipal hardware wallet was hacked. The stolen assets were reportedly transferred to the Tron network via Bridgers and then laundered through Southeast Asia-based OTC channels called Huione. Huione was recently sanctioned by the US for fraud and money laundering. ZachXBT stated that it identified the victim's wallet address based on a viral YouTube video. The attacker reportedly executed more than 120 Ripple-to-Tron bridge transactions on October 12, 2025. The transactions appeared to have been made through Binance, but the liquidity was provided by Bridgers. As of October 15, the funds were fully transferred to Huione-linked OTC accounts. Related News: US Strategic Bitcoin Reserve Grew by 64 Percent Overnight - Here's What You Need to Know Huione is alleged to have played a role in laundering billions of dollars in illicit funds in recent years, including through “pig butchering” scams, investment fraud, human trafficking, and cyberattacks. Last week, the US administration expanded sanctions against Huione as part of its $15 billion Prince Group investigation. ZachXBT said one of the key lessons to be learned from the incident was that users don't know the difference between wallet types: The victim thought he was using Ellipal's cold wallet, but it was actually a hot wallet. Similar confusion occurs on platforms like Coinbase. He also noted that the victim had difficulty contacting US law enforcement to report the $3 million loss, as there were few experts qualified to handle such cases. *This is not investment advice. Continue Reading: XRP Holders Beware: One User Scammed Out of $3 Million