Bitget-Linked Wallets Move Estimated $183 Million Across Chains
The transfers included Ether, USDT0, USDC, Avalanche, BNB and tokenized gold. Bitget had not confirmed a hack or disclosed the total loss.
An estimated $183 million moved from wallets labeled as belonging to Bitget to newly created addresses across several blockchains Thursday, raising concerns about a possible security breach at the crypto exchange.
The transfers involved Ether (ETH), USDT0, USD Coin (USDC), Avalanche (AVAX), BNB and tokenized gold. The activity lasted about one hour and sent the assets to a single destination, based on public blockchain transactions.
A newly created Arbitrum wallet used $19.67 million in USDT0 to purchase 7,111 ETH within six minutes through UniswapX and 1inch Fusion. The trades paid as much as 5% above prevailing market prices.
Outflows from the Bitget-labeled wallets appeared to stop about six minutes after the trading activity. Those wallets still held roughly $500 million in assets. The wallet labels establish an association with Bitget but do not by themselves prove that an attacker controlled the addresses.
Bitget had not confirmed that it was hacked or disclosed the cause of the transfers. Its Sept. 17 proof-of-reserves update reported a 135% total reserve ratio and a protection fund above $300 million.
