Summary
- Recent blockchain data indicates that approximately $183 million in various cryptocurrencies, including ETH, USDT, and BNB, was transferred from wallets associated with Bitget to a single address within an hour on Thursday.
- A newly created wallet utilized $19.67 million in USDT0 to acquire 7,111 ETH in just six minutes on Arbitrum, paying up to 5% above the market rate via decentralized exchanges like UniswapX and 1inch Fusion.
- Users have reported blocked withdrawals, and Bitget has not yet made a public announcement regarding the situation.
In a concerning development, over $183 million in cryptocurrency appears to have been siphoned from wallets linked to the Bitget exchange, suspected to be the result of a hacking incident. As of now, the firm has not verified these claims.
Blockchain analysts, such as Bubblemaps and Arkham analysts, reported unusual wallet activity late Thursday, suggesting that Bitget, a significant player in centralized cryptocurrency trading, was "potentially hacked." Within a short timeframe, around $183 million was transferred from wallets identified as belonging to Bitget to a newly established address.
$183M moved from Bitget wallets as recent as 24 minutes ago to the hacker's address
0x770b10b273fC44Fe9197D6bF20F145c2e98463Eehttps://t.co/BbEqOmi8pS https://t.co/LFzfIPiHUq pic.twitter.com/eN5QXURmc3
— Emmett Gallic (@emmettgallic) September 24, 2026
The initial indication of this breach came from a hot wallet, which is an online reserve used by exchanges for quick transaction processing, unlike a cold wallet that is kept offline for security. A new address, starting with "0xe410," transferred $19.67 million in USDT0—an alternate version of the Tether stablecoin—and swiftly exchanged it for 7,111 ETH within six minutes. Unlike USDT, which is centralized, ETH is decentralized and more challenging to seize.
ALERT: 🚨 Bitget potentially hacked
Bitget wallets just sent $180M across multiple chains to a single destination:
0x770b10b273fC44Fe9197D6bF20F145c2e98463Ee
Which then further dispersed to:
0x469Ac1406dE92f82C0563477240a3627057425DC… pic.twitter.com/1ydmKWAEAD
— Bubblemaps (@bubblemaps) September 24, 2026
Subsequent transactions were observed, with other wallets labeled as Bitget's transferring ETH, AVAX, BNB, USDC, USDT, and XAUT (a gold-backed token) to the same address. This activity was initially highlighted by the pseudonymous on-chain researcher DCF GOD.
It appeared that withdrawals from the exchange's wallets ceased approximately six minutes after the initial suspicious activity, remaining quiet for at least 20 minutes afterward, a behavior indicative of an exchange halting withdrawals while conducting an investigation.
Bitget representatives have not responded to Decrypt regarding the incident.
When users deposit funds on exchanges like Bitget, they are relying on the platform to secure their assets in controlled wallets, akin to trusting a bank with cash. However, unlike banks, there is no government insurance to cover losses if the exchange is compromised, which is why the saying "not your keys, not your coins" is prevalent in the crypto community.
This incident isn't the first challenge to user trust. In 2023, Bitget promoted a $300 million protection fund intended to cover losses from hacks and thefts.
Bitget is not alone in facing such threats; competitor exchange Bybit lost $1.4 billion in February 2025 when attackers exploited a signing screen during a routine cold-wallet transfer, marking the largest theft in cryptocurrency history. In total, hackers stole approximately $2.72 billion from exchanges and protocols last year alone.