Bitget Hack Laundering Fees Top $761,000 as Researcher Traces Fund Flows
An independent researcher has uncovered that protocols and services involved in laundering funds stolen from Bitget during its $387.5 million hack collected $761,725 in fees. Andrey Sergeenkov traced $259,718 in THORChain affiliate fees to recipients with financial links to wallets used in the swaps, while $206,196 went to recipients without established connections.
THORChain liquidity providers received the largest share, earning $573,226 from swaps involving the stolen assets. Other services, including MetaMask, Chainflip, and CoW EthFlow, collected smaller fees ranging from $12,332 to $149,417. Sergeenkov's analysis also revealed that part of the affiliate fees eventually reached an address labeled as an OKX hot wallet.
The research highlights the complex web of transactions following the Bitget breach, with some fee proceeds moving back to swap senders or between reviewed fee recipients. The findings come amid a public dispute between Bitget and THORChain over whether the protocol should intervene in transactions involving identified attacker addresses.
Sergeenkov emphasized that his analysis does not prove ownership of the addresses involved but provides additional financial links to wallets used in the laundering process. The total fees identified represent earnings from the swaps, not the amount recovered or frozen.