Crypto exchange Bitget has been hacked for over $350 million. The hack was identified after users reported withdrawal problems. Initial on-chain data showed roughly $176 million moving from wallets labelled as belonging to the exchange.
Arkham data shows a series of large transfers taking place within around 20 minutes. The funds came from several Bitget-labelled hot wallets and at least one cold wallet.
Bitget then officially confirmed the hack was much bigger, affecting nearly $351 million in funds.
One address, 0x770b...63Ee, appears repeatedly as the receiver. It received ETH, AVAX, BNB, USDT, USDC, XAUT and other assets from the exchange-linked wallets.
The pattern is unusual because several wallets appear to be sending different assets into the same address within a short period. Similar rapid wallet sweeps can happen during exchange hacks, although exchanges also move funds internally during wallet maintenance or custody changes.
Bitget has confirmed that user withdrawals remain suspended as a security measure. CEO Gracy Chain confirmed that the entire affected amount falls under Bitget’s User Protection Fund.
“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,” wrote Bitget CEO Gracy Chen.
This is a developing story.
Source: BeInCrypto
