$183M vanishes from Bitget exchange wallet as users fear potential hack
4 hours ago
- Bitget confirmed a hack that drained over $350 million in crypto assets from its hot wallets, while cold wallets remain secure.
- CEO Gracy Chen assured user funds are safe and covered by Bitget's User Protection Fund, which holds over $464 million.
- On-chain analysts detected unusual transfers of about $183 million in ETH, USDT, USDC, AVAX, BNB, and other tokens to a single address within an hour.
- A newly created wallet spent $19.67 million USDT0 to buy 7,111 ETH in six minutes via UniswapX and 1inch Fusion, paying a 5% premium, a typical hacker tactic.
- Outflows paused shortly after, suggesting Bitget froze withdrawals during investigation.
- The incident follows a 2023 $300 million protection fund announcement, and rivals like Bybit lost $1.4 billion in a similar hack in February 2025.