Analysts and blockchain data providers, including Bubblemaps and Arkham, reported that over $183 million in assets were drained from Bitget exchange wallets. The suspicious activity was first identified late Thursday, with funds moving to a newly created address within approximately one hour.
The incident began with a hot wallet transfer where $19.67 million in USDT0 was swapped for 7,111 ETH. The transactions were executed via UniswapX and 1inch Fusion, with the attacker paying a 5% premium over market rates to ensure speed. Additional assets, including AVAX, BNB, USDC, and XAUT, were also moved to the attacker's address.
Outflows from the exchange's wallets ceased about six minutes after the initial suspicious trade. Bitget has not yet confirmed the exploit or responded to requests for comment. The platform previously established a $300 million protection fund in 2023 to address potential security incidents and theft.
This event follows other major industry security breaches, such as the February 2025 incident where Bybit lost $1.4 billion. According to industry reports, hackers stole a total of $2.72 billion from various exchanges and protocols throughout the previous year.
