Blockchain security firm @hackenclub has flagged what it describes as a significant and suspicious outflow from wallets publicly labeled as belonging to cryptocurrency exchange @bitget. The f
Blockchain security firm @hackenclub has flagged what it describes as a significant and suspicious outflow from wallets publicly labeled as belonging to cryptocurrency exchange @bitget. The firm traced roughly $145 million in assets, including ETH, USDT, USDC, and tokenized gold, moving out of Bitget hot and cold wallets on September 24, 2026, with the pattern consistent with unauthorized access. No official cause has been confirmed.
The on-chain trail points to a fast-moving and deliberate operation. Hacken reviewed on-chain activity associated with Arkham-labeled Bitget hot and cold wallets, noting that stablecoins and tokenized gold were converted to ETH within approximately 25 minutes through UniswapX and Uniswap liquidity pools.On Optimism, ETH was converted to USDC, transferred to Ethereum via Circle CCTP, and sold in some cases within 24 seconds of minting.
Activity on the Arbitrum network was among the first to draw attention. Nearly $20 million in USDT0 left a wallet tagged as belonging to Bitget on the Arbitrum network and was converted into roughly 7,111 ETH in a flurry of trades that lasted about six minutes. The speed, the size, and the silence from Bitget raised red flags in the on-chain analytics community. The transactions routed through decentralized aggregators including UniswapX and 1inch Fusion, with some swaps executed at premiums as high as 5% above the prevailing ETH spot price.
Subsequent on-chain movements indicated the incident may not be limited to a single network or wallet, with data suggesting three hot wallets and one cold wallet belonging to Bitget may have been affected.The total amount of funds affected is estimated to exceed $170 million according to the latest data, as remaining USDC and USDT assets continue to be exchanged for ETH. The funds are now reported to be spread across six newly created addresses.
As of the time of reporting, Bitget had not issued any public statement about the withdrawals. Meanwhile, some users are reporting that their own withdrawal requests have been blocked or placed under review, adding to concerns about the state of the exchange's operations.
The pattern, a large outflow from a labeled hot wallet followed by rapid conversion into a non-stablecoin asset, mirrors the early stages of several confirmed exchange hacks in recent years. Attackers who gain access to hot wallet keys typically move fast, converting stolen stablecoins into ETH or other assets that can be laundered through mixers or bridged across chains before the exchange can freeze anything. The root cause of the Bitget outflows remains unverified. This article will be updated as new information becomes available.
Sources:Crypto Briefing: Bitget faces hack concerns after $183 million in crypto movesBitcoin Sistemi: The Bitget Hack Is Still Ongoing, There Are New Developments
