$3 Million XRP Hack Shows 95% of Recovery Firms May Be Predators
BeInCrypto
A $3 million XRP theft exposed a predatory recovery industry where over 95% of firms allegedly charge high fees for little help.Summary
A US retiree lost $3.05 million in XRP, which were his life savings accumulated since 2017, after his Ellipal wallet setup was compromised due to confusion between cold and hot wallet functionality when importing his seed phrase. Blockchain investigator ZachXBT traced the stolen funds through over 120 swaps, eventually linking them to OTC desks associated with the sanctioned Huione network, highlighting difficulties in disrupting cross-jurisdictional laundering. More critically, ZachXBT warned that over 95% of crypto recovery firms are predatory, charging desperate victims exorbitant fees for basic, often useless, reports, turning high-value hacks into multi-stage crimes.
(Source：BeInCrypto)