An American cryptocurrency investor is worth approximately $3.05 million after his Ellipal wallet was compromised. XRP lost. Researcher examining in-blockchain data ZachXBTannounced that the funds were transported over bridges and then transferred and laundered through Huione-connected OTC channels.
Theft Reflected in Blockchain Records
on October 19 X Making a detailed post on his platform, ZachXBT mapped the address of the attack that started on October 12 and more than 120 Ripple-Tron exchanges. funds before Tron He stated that it was consolidated on the Huione network and then distributed to Huione-affiliated exchanges by October 15.
US officials alleged that Southeast Asia-based Huione and related platforms facilitated large-scale money laundering activities. While the Treasury Department was preparing comprehensive sanctions against organizations affiliated with this structure, FinCEN also proposed a regulation defining Cambodia-based Huione as a priority money laundering threat.
User Error and Security Vulnerabilities
According to ZachXBT, the product that the victim thought was a hardware wallet was actually functioning as a hot wallet. The researcher stated that incorrect security choices due to the user’s inexperience paved the way for the wallet to be compromised. Similar attacks that have continued since the beginning of the year reveal that user errors are still the weakest link, regardless of hardware or software. TRM Labs’ latest report also shows that over $2 billion worth of crypto money was stolen in the first half of the year through private key thefts and wallet attacks.
Following the incident, it was reported that the funds were unlikely to be recovered. Because delayed notifications and international authority confusion make rescue efforts difficult. ZachXBT with centralized exchanges stablecoin He emphasized that issuers should develop stricter control mechanisms to prevent laundering through OTC channels.
XRP, Ripple 
$2.46 As an altcoin used for rapid value transfer on the network, it is trading at 2.46 with an increase of 3.26 percent in the last 24 hours at the time of writing.
