CoinDesk Podcast Network XRP Investor Says $3M of Tokens Were Stolen From Cold Wallet | CoinDesk Daily
Oct 20, 2025
An investor claims to have lost $3 million in XRP from a cold wallet, raising questions about security and trust. The host shares insights from an on-chain analysis that traced the theft through various routes. Concerns about the Elipal app's behavior and the risks of storing seed phrases are discussed. Additionally, there's news of MacroStrategy's significant Bitcoin purchase, while Bitcoin's price surges above $110,000 amidst Japan's regulatory updates allowing banks to engage with digital assets.
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Investor Loses $3M In XRP From Elipal Wallet
- A U.S. investor named Brandon says he lost over $3 million in XRP after using the Elipal app with his hardware wallet seed.
- He found the loss on October 15, while on-chain data shows the theft occurred on October 12.
Cold Wallets Can Become Hot Through App Behavior
- Elipal's app behavior can turn a cold wallet into a hot wallet by saving private keys entered into the mobile app.
- On-chain tracing showed funds moved via a bridge to Tron and then to OTC venues, revealing how stolen tokens exit to markets.
Blockchain Transparency Helps Trace Stolen Funds
- Transparent blockchains force a trade-off between traceability and privacy when stolen funds move across chains.
- Tracing showed swaps and bridging to other chains, illustrating how visibility can aid investigations even when funds migrate.