Suspected Crypto Hack
Bitget Faces Suspected Security Breach Following Massive Unexplained Crypto Asset Transfers
Anonymous
Key Points
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The reported 7,111-ETH purchase was routed through UniswapX and 1inch Fusion; some trades reportedly paid about 5% above spot, briefly pushing the WETH/USDC pool price to roughly $2,870.
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One report said about $530 million in assets remained in the wallets believed to be affected, leaving open whether further transfers could increase the amount at risk.
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A CryptoBriefing report said market pricing showed a 94.4% probability of Bitcoin staying above $80,000 by September 28, while noting that this expectation could shift if the Bitget situation developed further.
Bitget, a major cryptocurrency exchange, is facing a suspected security breach after on-chain data revealed over $170 million in unexpected asset transfers from wallets tied to the platform. CoinGape reported the breach could involve as much as $351.6 million in total losses, with hackers moving Ethereum, Avalanche, BNB, and stablecoins to unknown addresses. The exchange has frozen withdrawals and launched an investigation, but has not yet confirmed the full scope of the attack.
The incident involved transfers from multiple hot wallets and at least one cold wallet, according to CryptoNews. One newly created address reportedly used $19.7 million in stablecoins to buy 7,111 Ethereum in just six minutes, suggesting either automated theft or rapid market manipulation. Users reported being unable to withdraw funds as Bitget's leadership began damage control.
How the Hackers Moved Millions in Minutes
The stolen funds moved quickly across exchanges and protocols. Bitcoin.com reported that attackers converted stablecoins into Ethereum through UniswapX and 1inch Fusion, executing a 7,111-ETH purchase in six minutes. Some trades paid roughly 5% above the spot price, briefly pushing the WETH/USDC pool to around $2,870.
The speed and scale suggest an inside operator or a highly sophisticated attacker with deep market knowledge. BigGo Finance noted that about $530 million in assets remained in the affected wallets, raising the possibility of additional transfers if the attacker regains access.
Bitget's Initial Response and Investigation
CryptoNews reported that Bitget issued a statement saying the compromised wallets are now under the exchange's control. Founder Gracy Chen confirmed unauthorized transfers from hot and warm wallet infrastructure caused the $351.6 million loss. The majority of stolen funds came from hot wallets, which are typically more vulnerable than cold storage.
Cold wallets—offline storage considered more secure—were reported unaffected by the breach. Bitcoin.com stated Bitget has launched a formal probe to determine how attackers gained access and whether any customer assets remain at risk. The exchange has not yet disclosed the breach method or timeline.
Broader Market Impact Remains Uncertain
A Bitget breach of this scale could spook retail investors and pressure crypto prices. CoinGape noted that market pricing showed a 94.4% probability of Bitcoin staying above $80,000 through late September—but that forecast assumes no further major exchange collapses. The Bitget situation could shift market expectations if losses grow.
The incident highlights a recurring risk in crypto: exchanges hold vast amounts of user funds in digital wallets that can be compromised despite security claims. Until Bitget confirms its investigation results and loss recovery plan, uncertainty will likely weigh on the broader market.
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