Bitget loses $183 million in apparent hack across multiple blockchains

On Thursday, on‑chain analysts observed roughly $183 million in various crypto assets moved from wallets identified as belonging to the exchange Bitget to a single newly created address within about an hour.

Large‑scale outflow

The outflow included Ethereum (ETH), Tether USDT (including the cross‑chain USDT0 variant), USD Coin (USDC), Avalanche (AVAX), Binance Coin (BNB) and XAUT, a token backed by physical gold. The transfers originated from both hot and cold wallets that had been publicly labeled as Bitget’s reserves.

Rapid USDT0‑to‑ETH swap

A newly created address beginning with “0xe410” took $19.67 million worth of USDT0 from a Bitget hot wallet and swapped it for 7,111 ETH on the Arbitrum network in six minutes. The swap was executed through decentralized aggregators UniswapX and 1inch Fusion, with the trader paying up to 5 % above the prevailing market price to complete the trade quickly.

Subsequent transfers and freeze

Additional Bitget‑labeled wallets sent ETH, AVAX, BNB, USDC, USDT and XAUT to the same destination address. Activity appeared to pause roughly six minutes after the first trade and remained quiet for at least 20 minutes, a pattern consistent with an exchange temporarily freezing withdrawals while investigating.

Bitget’s response

Bitget has not issued a public statement regarding the incident, and requests for comment went unanswered.

Context

Bitget previously announced a $300 million protection fund intended to cover losses from hacks or theft. The exchange is not the first to face a major breach; rival Bybit lost $1.4 billion in February 2025 after a spoofed signing screen was used to hijack a cold‑wallet transfer, and total thefts from exchanges and protocols reached $2.72 billion in the prior year.