The move came after THORChain reportedly declined a request to freeze the funds The individual or group behind a $350 million hack of crypto exchange Bitget has moved a portion of the stolen
The move came after THORChain reportedly declined a request to freeze the funds
The individual or group behind a $350 million hack of crypto exchange Bitget has moved a portion of the stolen funds for the first time since the breach. Finbold reported the initial transaction on Monday, marking a notable development in a case that has drawn scrutiny from blockchain investigators and the exchange itself.
A separate report from crypto.news detailed the specifics of the move. It said the hacker shifted $6.3 million worth of assets into Bitcoin. The conversion reportedly followed a rejected request to freeze the funds submitted to THORChain, a decentralized cross-chain liquidity protocol.
THORChain has previously been used by actors seeking to move stolen digital assets across blockchains without relying on centralized exchanges. Its decentralized structure makes it difficult for any single party to unilaterally halt transactions once they are initiated. The reported rejection of the freeze request underscores the limits facing victims and investigators when stolen funds pass through decentralized infrastructure.
The original breach at Bitget, valued at approximately $350 million, ranks among the larger exchange hacks reported this year. Details of how the attacker initially gained access have not been disclosed. Large-scale intrusions of this kind typically prompt immediate on-chain tracing efforts by security firms and blockchain analytics companies working to flag wallet addresses before funds can be laundered.
The decision to convert a portion of the haul into Bitcoin, rather than immediately dispersing funds across multiple chains, may reflect an attempt to consolidate value into a widely liquid asset. Bitcoin's deep market and broad exchange support make it a common destination for stolen funds seeking eventual conversion into fiat currency or other assets.
Exchanges and blockchain sleuths often coordinate with wallet providers and other platforms to block addresses linked to known hacks. Whether such efforts will succeed against this particular attacker remains unclear. The rejected freeze request at THORChain suggests the perpetrator may continue relying on decentralized routes that fall outside the direct reach of centralized intervention.
A movement of stolen funds of this size can trigger heightened monitoring across exchanges and analytics platforms tracking related wallet addresses. If additional portions of the $350 million are moved or converted, it could affect short-term liquidity conditions for the assets involved, including Bitcoin.
The episode also renews attention on the role decentralized protocols play in handling flows tied to hacks. Platforms like THORChain, which do not have centralized authority to freeze transactions, may face continued scrutiny from regulators and security researchers evaluating how stolen crypto moves through the broader ecosystem.
The first confirmed movement of funds from the Bitget hack gives investigators a fresh trail to follow. How much of the remaining $350 million eventually moves, and through which channels, will likely shape ongoing recovery and enforcement efforts.
Crypto exchange Bitget suffered a breach valued at approximately $350 million, according to reported figures. Specific details of the intrusion method have not been disclosed.
According to crypto.news, the attacker converted roughly $6.3 million of the stolen assets into Bitcoin, marking the first visible transaction since the breach.
THORChain is a decentralized protocol without a central authority to unilaterally halt transactions. Its reported refusal to freeze the funds illustrates the challenges of stopping stolen assets once they enter decentralized infrastructure.
Recovery depends on cooperation from exchanges and platforms that may flag or block wallet addresses linked to the hack, though decentralized routes can complicate these efforts.
Originally reported by AltcoinGordon, written by Grace Mitchell. Republished with permission.
View the original on AltcoinGordon →
The post Bitget Hacker Behind $350 Million Breach Moves $6.3 Million Into Bitcoin appeared first on TheCoinrise.com.
