Bitget Token Plummets Amid Suspected Exchange Hack and Unusual On-Chain Activity
Bitget Token (BGB) has plummeted by 6.45% amid reports of a suspected exchange hack and unusual on-chain activity. The decline began around September 24, after 7:00pm UTC, with prices dropping from $2.02 to $2.06. In contrast, the total crypto market cap has increased by about 9.8% over the past 7 days.
The suspected hack involves a wallet labeled as Bitget moving approximately $19.7 million of USDT on Arbitrum and converting it into around 7,111 ETH in six minutes. This unusual behavior is consistent with an operator rushing to move and launder funds under time pressure.
Social media platforms were filled with posts framing the situation as an active Bitget hack and calling for users to pull their funds. Multiple accounts focused on on-chain data posted that a Bitget or Bitget Wallet hack was ongoing, citing the same Ethereum address (0x770b10b273fC44Fe9197D6bF20F145c2e98463Ee) as holding tens of millions of dollars in ETH and spreading tokens further.