Bitget Faces Hack Concerns After Over $180 Million in Crypto Moves: Onchain Data
Key Takeaways
- •Onchain analysts identified unusual transfers involving three Bitget hot wallets and one cold wallet on Thursday afternoon, with more than $180 million in assets reportedly withdrawn.
- •A previously unseen wallet purchased 7,111 ETH on Arbitrum in approximately six minutes using 19.67 million USDT0 sourced from a Bitget hot wallet.
- •The ETH conversions were executed through UniswapX and 1inch Fusion, with the buyer paying as much as 5% above spot prices.
- •Stablecoin outflows draw close scrutiny in security incidents because issuers such as Tether can freeze USDT balances at hack-linked addresses, a measure with no equivalent for Ether.
- •The full extent of the outflows, how the wallets were accessed, and potential losses remain unconfirmed, and Bitget has yet to publicly address the suspected hack.
Digital asset exchange Bitget may have suffered a wallet compromise after onchain analysts identified unusual cross-chain transfers and an outsized purchase of Ether (ETH) tied to the platform.
Think @bitget hot wallet might’ve just been hacked for 20M? something hella fishy happening on @arbitrum
Fresh wallet 0xe410…d946 just bought 7,111 ETH on Arbitrum in 6 min with 19.67M USDT0 (from a Bitget hot wallet), via UniswapX + 1inch Fusion, paying up to +5% over spot…
— DCF GOD (@dcfgod) September 24, 2026
The transfers took place Thursday afternoon and appeared to involve three hot wallets and one cold wallet belonging to the crypto exchange, according to DCF GOD, a pseudonymous crypto influencer, angel investor, and market analyst. More than $180 million worth of assets were reportedly withdrawn and swapped for ETH at the time of publication, the analyst said.
According to the post, a previously unseen wallet, 0xe410…d946, purchased 7,111 ETH on Arbitrum in roughly six minutes using 19.67 million USDT0 drawn from a Bitget hot wallet. The conversions were executed through UniswapX, Uniswap's intent-based swap protocol that routes orders through third-party fillers, and 1inch Fusion, a swap mechanism of the 1inch decentralized exchange aggregator in which independent resolvers execute trades on behalf of users. The buyer paid as much as 5% above spot prices, per the post.
Stablecoin flows are closely watched in security incidents because public blockchains record every transfer in real time, and issuers such as Tether have previously frozen stablecoin balances at addresses linked to hacks, a measure that has no equivalent for Ether.
Arbitrum is an Ethereum layer-2 scaling network, while USDT0 is an omnichain version of Tether's USDT stablecoin designed to circulate across multiple blockchains. Exchanges typically hold assets in internet-connected hot wallets to process customer deposits and withdrawals, while cold wallets remain offline for storage.
Bitget is one of the world's largest cryptocurrency derivatives exchanges and also offers spot trading and copy-trading services.
The scope of the incident, the attack method, and potential losses have not been confirmed, and Bitget has yet to comment on the suspected hack. Key details still unknown include the full extent of the outflows, how the wallets were accessed, and whether the exchange makes any operational changes in response.
This is a developing story. More information will be added as the situation develops.
