Bitget Hot Wallet Possibly Hacked as $19.7M in USDT Swapped for ETH

Nearly $20 million in USDT0 was pulled from a wallet tagged as belonging to Bitget on the Arbitrum network on September 24.

The funds were then aggressively swapped into ETH across multiple decentralized venues, with some swaps executed at premiums as high as 5% above the prevailing ETH spot price.

The transaction trail shows that the $19.7 million worth of USDT0 was converted into roughly 7,111 ETH in a flurry of trades that lasted about six minutes.

Bitget has not issued any public statement about the withdrawal, and the onchain analytics community is raising red flags due to the speed, size, and silence surrounding the transactions.