Bitget is facing a suspected ongoing security breach with on-chain data showing high-value assets being moved out of hot and cold wallets and converted to Ethereum (ETH).
According to WuBlockchain, the incident involves three hot wallets and one cold wallet. A newly created address reportedly purchased 7,111 ETH in just six minutes using approximately 19.67 million USDT0 from a Bitget hot wallet on the Arbitrum network. The transactions were routed through UniswapX and 1inch Fusion, with some executions around 5% above spot price, briefly pushing the WETH/USDC pool price to $2,870.
Assets including ETH, AVAX, BNB, USDC, USDT, USDT0, and XAUT were seen being moved. Attacker addresses continue converting stablecoin balances to ETH, and the total affected amount is estimated at more than $170 million. However, affected wallets still hold about $530 million in assets, raising concerns that losses could grow. Initial social media claims of a hack exceeding $100 million were later surpassed by on-chain tracking. The exact vulnerability remains unknown, and unconfirmed claims suggest possible North Korean involvement.
Bitget has not issued an official statement, but exchange-owned addresses have begun transferring remaining assets from the compromised wallets to other addresses, likely as an emergency security measure.
