Bitget Hacked as $350 Million Vanishes From Crypto Exchange Wallets

In brief

• On-chain data shows roughly $183 million in ETH, USDT, USDC, AVAX, BNB, and other tokens moved from wallets labeled as Bitget's to a single address over about an hour on Thursday.
• A freshly created wallet spent $19.67 million in USDT0 to buy 7,111 ETH in six minutes on Arbitrum, paying up to 5% above market price through decentralized exchanges UniswapX and 1inch Fusion.
• Users report blocked withdrawals and Bitget has since confirmed the hack following publication.

More than $350 million in crypto assets has been drained from wallets belonging to cryptocurrency exchange Bitget in a confirmed hack, according CEO Gracy Chen.

Chen said company cold wallets, those held offline, remain "fully secure," and that only the exchange's hot wallets, those connected for daily trading, were affected by the exploit.

"User funds are safe. The full amount of this loss falls within the coverage of Bitget's User Protection Fund, which currently holds over $464 million," Chen posted on X.

On-chain sleuths, including Bubblemaps and Arkham analysts, initially flagged the unusual activity late Thursday as Bitget, one of the world's larger centralized trading platforms, being "potentially hacked." Within about an hour, roughly $183 million in assets moved out of wallets labeled as belonging to the exchange and into a newly created address.