87.82 BTC Traced as Bitget Hack Funds Reach Mixers

The Bitget hack on September 24, which affected $387.5 million in assets, has led to a detailed investigation by BitOK, a blockchain intelligence firm. According to their updated report, a significant portion of the stolen funds, approximately 87.82 BTC, remains in ten unspent Bitcoin outputs.

BitOK's analysis shows that these funds were consolidated into ten outputs after being delivered through 31 THORChain payouts. The firm notes that these outputs had not been spent by the time of their October 1 snapshot, making it possible to monitor them directly.

The investigation also highlights the challenges of tracking stolen funds in the crypto space. While some funds have been traced to mixers, including Wasabi and Tornado Cash, it is difficult to determine where the money went and who controls it.

BitOK's findings have implications for law enforcement and the recovery of stolen assets. The firm suggests that the best opportunity to intervene is when stolen funds reach a centralized exchange or another service that can freeze withdrawals and identify the receiving account.