Bitget Hack Investigation Uncovers Traced Stolen Funds
The Bitget hack has led to a significant investigation by blockchain intelligence firm BitOK. The company has been tracking the stolen funds and identified approximately 87.82 BTC ($84,846) attributable to one branch of the stolen funds that remained in ten unspent Bitcoin outputs on October 1.
BitOK's analysis shows how funds moved through intermediary wallets, decentralized exchanges, and cross-chain services, gradually converging on Ethereum and Bitcoin. The investigation offers a detailed view of what happened after the September 24 attack, which Bitget estimates affected $387.5 million in assets.
The tracing process is difficult because it does not establish who controls the stolen funds or how much remains recoverable. However, analysts believe that identifying where money went can be an effective way to intervene and prevent further movement of the funds.