Unusual activity in wallets allegedly belonging to the cryptocurrency exchange Bitget has raised suspicions of a possible hack. On-chain data shows high-value assets being transferred out of the exchange’s hot and cold wallets, with a significant portion of these funds being converted to Ethereum (ETH).
Initially, transactions on the Arbitrum network attracted particular attention. A newly created address reportedly purchased 7,111 ETH in just six minutes using approximately 19.67 million USDT0 from a Bitget hot wallet. The transactions were reportedly conducted via UniswapX and 1inch Fusion, with some exchanges reaching approximately 5% above the spot price, and the WETH/USDC pool price briefly rising to $2,870.
Subsequent on-chain movements indicated that the incident might not be limited to a single network or wallet. According to shared data, it is believed that 3 hot wallets and 1 cold wallet belonging to Bitget may have been affected by the attack. Various assets, including ETH, AVAX, BNB, USDC, USDT, USDT0, and XAUT, were seen being moved from these wallets.
It is reported that the addresses believed to be responsible for the attack are continuing to convert their stablecoin balances to ETH. According to the latest data, the remaining USDC and USDT assets are also being exchanged for ETH, and the total amount of funds affected is estimated to exceed $170 million.
However, it is stated that approximately $530 million worth of assets are still held in the wallets believed to have been affected. Therefore, whether the movements will continue and whether the total loss will increase further is being closely monitored.
In the initial hours after the incident, claims of a hack exceeding $100 million circulated on social media, although this figure could not be initially confirmed. Later, as transactions across different networks and wallets emerged, the estimated on-chain amount tracked surpassed $170 million.
It is not yet known which security vulnerability caused the attack, whether private keys were compromised, or if there was another breach in the wallet infrastructure.
There are claims that North Korea is behind the hacking incident, but this information has not yet been confirmed.
Bitget Exchange Begins to Intervene After Hack Incident
Recent on-chain activity suggests Bitget has begun to address the situation. Approximately five minutes ago, exchange-owned addresses started transferring assets remaining in wallets from which the attacker withdrew funds to other addresses.
These actions are being considered as a possible emergency fund transfer and security measure for wallets that are not yet thought to be affected.
*This is not investment advice.
