Bitget Exchange Faces Major Hacking Incident Exceeding $100 Million
Cryptocurrency exchange Bitget is under scrutiny following reports of significant on-chain activity suggesting a hacking attempt with potential losses exceeding $100 million. Users have alleged that their withdrawal requests have been blocked, while substantial asset transfers have been identified from wallets associated with the exchange.
Details of the Alleged Breach
On-chain analysis has revealed that the Arbitrum network was notably active during this incident. An address, identified as 0xe410…d946, reportedly acquired 7,111 ETH in merely six minutes, utilizing around 19.67 million USDT0 sourced from Bitget’s hot wallet. These transactions were executed through UniswapX and 1inch Fusion platforms, with some ETH purchases costing approximately 5% above the market rate.
Observations from on-chain data indicate that the price in the WETH/USDC pool surged to approximately $2,870 as a result of these aggressive trading actions, raising flags that these transactions might not align with standard market behavior.
Further Asset Movements
In addition to ETH, various cryptocurrencies, including AVAX, BNB, USDC, XAUT, and USDT0, were transferred from Bitget-associated wallets to the mentioned address. Screenshots of these transactions reveal that they included transfers worth tens of millions of dollars.
Reports suggest that the ongoing attack has already seen over $170 million withdrawn from Bitget’s hot and cold wallets, converted mainly to ETH.
Current Situation
Initial assessments indicate that three hot wallets and one cold wallet belonging to bitget may have been compromised. While the exact method of the breach remains unclear, it is estimated that around $530 million in assets still exists in these wallets.
As awareness about the situation grows, further investigation is essential to understand the full scope and impact of this incident.
Disclaimer: This information does not constitute investment advice.
