Bitget faces hack concerns after over $180 million in crypto moves: Onchain data

Bitget faces hack concerns after over $180 million in crypto moves: Onchain data

More than $180 million was reportedly moved from Bitget labeled wallets to a fresh address as the exchange remains silent on a possible breach.

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by John Chen

Digital asset exchange Bitget may have suffered a wallet compromise after analysts identified unusual cross-chain transfers and an outsized purchase of Ether.

The analyst said a fresh wallet bought 7,111 ETH on Arbitrum on Thursday using 19.67 million USDT0 allegedly traced to a Bitget hot wallet, routing the trades through UniswapX and 1inch Fusion.

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Further onchain data indicated that assets were transferred from several Bitget labeled hot and cold wallets across multiple chains into a single fresh address. The transfers included ETH, USDT, USDC, AVAX and BNB.

The reported amount initially stood at about $174 million before rising to roughly $183 million as additional transfers were identified. The receiving address also began swapping the transferred assets onchain.

Some users have separately reported problems with withdrawals, although it remains unclear whether those issues are connected to the wallet activity.

The scope of the incident, the method of any potential attack and the amount of any losses remain unconfirmed. It is also unclear whether the transfers were unauthorized or part of an internal Bitget operation.

This is a developing story. More information will be added as the situation develops.

Disclosure: This article was edited by John Chen. For more information on how we create and review content, see our Editorial Policy.
TECHNOLOGY
Bitget faces hack concerns after over $180 million in crypto moves: Onchain data
Bitget faces hack concerns after over $180 million in crypto moves: Onchain data

More than $180 million was reportedly moved from Bitget labeled wallets to a fresh address as the exchange remains silent on a possible breach.

by John Chen

Share

Add us on Google

Digital asset exchange Bitget may have suffered a wallet compromise after analysts identified unusual cross-chain transfers and an outsized purchase of Ether.

The analyst said a fresh wallet bought 7,111 ETH on Arbitrum on Thursday using 19.67 million USDT0 allegedly traced to a Bitget hot wallet, routing the trades through UniswapX and 1inch Fusion.

Advertisement

Further onchain data indicated that assets were transferred from several Bitget labeled hot and cold wallets across multiple chains into a single fresh address. The transfers included ETH, USDT, USDC, AVAX and BNB.

The reported amount initially stood at about $174 million before rising to roughly $183 million as additional transfers were identified. The receiving address also began swapping the transferred assets onchain.

Some users have separately reported problems with withdrawals, although it remains unclear whether those issues are connected to the wallet activity.

The scope of the incident, the method of any potential attack and the amount of any losses remain unconfirmed. It is also unclear whether the transfers were unauthorized or part of an internal Bitget operation.

This is a developing story. More information will be added as the situation develops.

Disclosure: This article was edited by John Chen. For more information on how we create and review content, see our Editorial Policy.