More Than $170 Million in Unusual Transfers Detected at Bitget, Prompting Hack Suspicions

More than $170 million in cryptocurrency has been moved in unusual transfers at global digital-asset exchange Bitget, raising the possibility of a wallet security incident. Multiple hot wallets and cold wallets may have been compromised, though it remains unclear whether a hack actually occurred and how large any losses may be.

Crypto Briefing and The Block reported on September 24 that more than $170 million in crypto assets was transferred over the past hour from three hot wallets and one cold wallet believed to belong to Bitget to a single address.

The assets moved included Ether, Tether's USDT, Circle's US dollar stablecoin USDC, Avalanche, and BNB. The address that received the funds has not been identified as a Bitget-owned wallet, and the incoming assets were also seen being swapped multiple times on-chain. The Block reported that the flows were confirmed through on-chain data.

On-chain analysts said the activity may be linked to a wallet security incident at Bitget. Market analyst DCF GOD said three Bitget hot wallets and one cold wallet may have been compromised, adding that a large share of the transferred assets was being swapped into Ether. Some estimates put the amount moved at more than $180 million.

Wallets suspected of being tied to the incident still hold about $530 million in assets. It has not been confirmed whether the transfers were caused by an external attack or an internal reallocation of funds by the exchange.

The attack method and the actual scale of losses also remain unknown. Bitget has not issued an official statement on the allegations.