Analysts and blockchain researchers, including Bubblemaps and Arkham, have identified suspicious activity involving Bitget wallets. Approximately $183 million in various crypto assets were transferred from the exchange to an unidentified address within an hour. The company has not yet confirmed the incident.
The movement began with a hot wallet, where $19.67 million in USDT0 was exchanged for 7,111 ETH. These transactions were executed via UniswapX and 1inch Fusion, with the initiator paying a 5% premium over market rates. Additional assets, including AVAX, BNB, USDC, and XAUT, were also moved to the same address.
Outflows from the identified wallets ceased approximately six minutes after the initial suspicious trade. The activity remained quiet for at least 20 minutes, suggesting a potential freeze on withdrawals by the exchange. Bitget representatives have not provided a formal comment regarding the situation.
Bitget previously announced a $300 million protection fund in 2023 intended to cover losses from hacks or theft. The industry has faced significant security challenges, with a total of $2.72 billion stolen from various protocols and exchanges last year, including a $1.4 billion incident involving Bybit in February 2025.
