On-chain data and security monitoring show that wallets labeled as belonging to Bitget had roughly $183 million of tokens - including ETH, USDT, USDC, AVAX, BNB and a gold-backed token - moved into a single newly created address in about an hour. A fresh wallet on Arbitrum swapped $19.67 million in USDT0 for 7,111 ETH in six minutes via UniswapX and 1inch Fusion, paying up to a 5% premium, a pattern consistent with a rapid cash-out by an attacker. Transfers appear to have stopped minutes later as withdrawals were blocked and exchange controls were activated. Bitget’s CEO confirmed a hack affecting hot wallets, said cold wallets remained secure, and reported the total loss at more than $350 million while noting a User Protection Fund with over $464 million will cover customer losses.
The incident highlights hot-wallet vulnerability and a common attacker playbook: quickly convert exchange-held stablecoins into decentralized assets that are harder to seize. Rapid, above-market swaps and movement across multiple chains underline the speed-driven nature of the exploit. On-chain analysts and tracing tools were central to flagging the activity and mapping flows. The episode follows other large exchange breaches in recent years and reinforces the risks of custodial holdings, the importance of exchange security protocols, and the role of protection funds and incident response while investigations continue.
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