More than $183 million in crypto assets has been drained from wallets belonging to cryptocurrency exchange Bitget in an apparent hack, according to blockchain analysts and on-chain data. The company has not yet confirmed the exploit.
On-chain analysts including Bubblemaps and Arkham flagged the unusual activity late Thursday as roughly $183 million in assets moved out of wallets labeled as belonging to the exchange and into a newly created address within about an hour.
Initial Suspicious Activity
The first sign came from a hot wallet—the internet-connected reserve an exchange uses to process everyday withdrawals quickly. A newly created address took $19.67 million worth of USDT0, a cross-chain version of the dollar-pegged stablecoin Tether, and swapped it for 7,111 ETH in just six minutes.
The purchase ran through UniswapX and 1inch Fusion, decentralized exchange services that let traders swap tokens directly on the blockchain. Whoever placed the orders paid roughly 5% above the going market rate, a premium consistent with prioritizing speed over price.
Broader Asset Movements
Additional wallets tagged as Bitget's sent ETH, AVAX, BNB, USDC, USDT, and XAUT—a token backed by physical gold—to the same address, according to on-chain researchers.
Outflows from the exchange's publicly labeled wallets appeared to stop roughly six minutes after the first suspicious trade and remained quiet for at least 20 minutes afterward, a pattern consistent with an exchange freezing withdrawals while investigating an incident.
Exchange Response and User Reports
Users have reported blocked withdrawals. Representatives for Bitget did not immediately respond to requests for comment.
Industry Context
In 2023, Bitget announced a $300 million protection fund built specifically to cover hacks, theft, and similar losses. The incident comes as the industry faces ongoing security challenges. Rival exchange Bybit lost $1.4 billion in February 2025 after attackers spoofed a signing screen to hijack a cold-wallet transfer. Across the industry in the prior year, hackers stole a combined $2.72 billion from exchanges and protocols.
