Watch Out: A Cryptocurrency Wallet is Ceasing Operations, Funds Must Be Withdrawn – Previously Made Headlines with XRP

Cryptocurrency wallet manufacturer Ellipal announced that it will discontinue its hot wallet services and focus entirely on cold wallet technology. This decision comes after the recent alleged XRP theft.

Ellipal stated in a statement that it will focus solely on cold wallet innovation and services to maximize user security. The company maintains that cold wallet technology is a key priority for crypto security and announced that it will discontinue all hot wallet services as of October 31st.

Ellipal has advised its current hot wallet users to move their assets to a new wallet address. The company also stated that it expects users to understand any potential disruptions during the transition and that support will continue to be actively available.

Ellipal was in the news last week after a US-based user allegedly stole $3.05 million worth of XRP. Blockchain researcher ZachXBT, in a detailed analysis of the incident, revealed that the attacker performed more than 120 Ripple-Tron conversions through the Bridgers exchange on October 12, 2025, and consolidated the funds on the Tron blockchain.

According to ZachXBT’s findings, as of October 15th, all stolen funds were laundered through OTC desks linked to a Southeast Asian money laundering network called Huione. This network was also found to be connected to a crypto ecosystem listed under US sanctions.

*This is not investment advice.