Allegations have surfaced regarding unusual on-chain activity on the cryptocurrency exchange Bitget. The magnitude of the incident is claimed to exceed $100 million.
While some users have reported that withdrawals have been blocked, high-value asset transfers appear to have been made from hot and cold wallets labeled as belonging to Bitget.
According to researchers who shared on-chain data, transactions on the Arbitrum network were particularly noteworthy. The newly created address 0xe410…d946 reportedly purchased 7,111 ETH in just six minutes using approximately 19.67 million USDT0 from the Bitget hot wallet. The transactions were conducted via UniswapX and 1inch Fusion, with some purchases paying approximately 5% above the spot price.
The fact that the price in the WETH/USDC pool rose to around $2,870 during these aggressive purchases also raised suspicions that the transactions might be different from normal market buying.
Other shared on-chain data shows that various assets, including ETH, AVAX, BNB, USDC, XAUT, USDT0, and USDT, were transferred from wallets labeled as Bitget to the same address. Some of the transactions shown in the screenshots alone amount to tens of millions of dollars.
The attack on Bitget is reportedly ongoing. According to on-chain data, the total value of assets withdrawn from the exchange’s hot and cold wallets and converted to ETH has already exceeded $170 million.
Initial findings suggest that three Bitget hot wallets and one cold wallet may have been affected by the attack. While the method used is not yet clear, it is estimated that approximately $530 million worth of assets are still held in these wallets.
*This is not investment advice.
