About Orbit Bridge XRP

oXRP is XRP bridged to Kaia by Orbit Bridge, operated by Ozys. Ripple issues nothing on Kaia, so the only backing is the XRP that Orbit's validator multisig holds in an XRP Ledger vault. That vault was untouched by the January 2024 exploit, which hit the bridge's Ethereum side, and oXRP still tracks XRP closely, but it trades almost only on KLAYswap and remains a federated custody claim rather than XRP itself.