Bitget reports a potential $183 million hack, with users facing blocked withdrawals and no official response from the exchange yet.
Bitget, a major cryptocurrency exchange, is under scrutiny after approximately $183 million was allegedly stolen from its wallets, with reports suggesting a potential hacking incident. Blockchain data shows that funds were transferred from Bitget wallets to a single address within a short span of time on Thursday.
The suspicious activity was first noted by blockchain analysts, who observed that a newly created wallet acquired 7,111 ETH by spending $19.67 million in USDT0, completing the transaction in just six minutes through decentralized exchanges like UniswapX and 1inch Fusion.
Users have reported issues with blocked withdrawals, yet Bitget has not issued any official statement addressing the situation. Early signs of the breach were detected from a hot wallet, which is an online wallet used for quick transactions, in contrast to cold wallets that are kept offline for security purposes.
Transactions continued to be traced, with other wallets linked to Bitget sending various cryptocurrencies including AVAX, BNB, USDC, and XAUT to the same address. Analysts noted that withdrawal activity from Bitget wallets ceased shortly after the initial suspicious transactions, suggesting the exchange might have halted withdrawals while investigating the matter.
"$183M moved from Bitget wallets as recent as 24 minutes ago to the hacker's address" — Emmett Gallic
Bitget has a history of addressing security concerns, having previously established a $300 million protection fund aimed at compensating users for losses due to hacks and thefts. This incident raises significant questions about user trust, especially given that in 2023, hackers stole around $2.72 billion from cryptocurrency exchanges and protocols worldwide.
As the investigation continues, the exchange has yet to respond to inquiries regarding the incident, leaving users and the broader crypto community anxious about the potential implications for their assets.
