Bitget Hit by Suspected $170 Million Security Breach

Bitget, a cryptocurrency exchange, is facing a suspected security breach after on-chain analysts detected more than $170 million in outflows from wallets linked to the platform.

The unusual activity began on September 24 on the Arbitrum network, where a new address bought 7,111 ETH in six minutes using roughly 19.67 million USDT0 via UniswapX and 1inch Fusion.

Assets including ETH, AVAX, BNB, USDC, USDT, USDT0, and XAUT were moved to a single unidentified address, with much of the assets being converted into Ethereum.

The affected wallets still held about $530 million in assets, raising concerns that losses could widen if further transfers occur.