Bitget Hack Sees Over $170 Million in Assets Siphoned Off
A potentially massive hack has been unfolding at cryptocurrency exchange Bitget, with over $170 million in assets allegedly siphoned off from its hot and cold wallets.
The incident began to unfold on an unknown date, but it wasn't until recently that unusual activity was detected. High-value assets were being transferred out of the exchange's wallets, with a significant portion converted into Ethereum ($ETH).
Initial transactions took place on the Arbitrum network, where a newly created address purchased 7,111 $ETH in just six minutes using approximately 19.67 million USDT0 from a Bitget hot wallet.
The suspect addresses continued to convert their stablecoin balances into $ETH, with remaining $USDC and $USDT assets also being exchanged for the popular cryptocurrency.