Bitget Hackers Use THORChain to Launder Stolen Funds
On September 24th, hackers drained $351.6 million from Bitget, a cryptocurrency exchange. The attackers are now using THORChain to swap Ethereum for Bitcoin.
ZachXBT, a pseudonymous blockchain investigator, reported that the stolen funds are being moved through bridges and mixing services like Wasabi, making it harder to track their origin.
The attack was attributed to high-level internal credentials obtained by the attackers, which allowed them to bypass normal risk controls. Bitget's CEO Gracy Chen stated that the attack was 'sophisticated' but not an inside job.
Bitget has since fixed the attack path, contained the incident, and resumed BTC withdrawals. The exchange also has a $464 million User Protection Fund in place to cover estimated losses.