A major security incident is unfolding around Bitget after blockchain researchers identified unusual transfers involving wallets linked to the cryptocurrency exchange. On chain data indicates that more than $170 million in digital assets may have been moved from Bitget controlled hot and cold wallets, while some users reported difficulties with withdrawals.
The reported Bitget hack has attracted immediate attention across the crypto market because the transactions involved multiple cryptocurrencies and several exchange linked wallets. Researchers tracking the addresses say assets including Ethereum (ETH), Avalanche (AVAX), BNB, USDC, USDT, USDT0 and Tether Gold (XAUT) were transferred to external addresses within a short period.
Bitget Wallets Show Unusual OnChain Activity
According to blockchain transaction data cited by security researchers, three Bitget hot wallets and at least one cold wallet may have been affected. One receiving address repeatedly collected assets from wallets labelled as belonging to the exchange, creating a transaction pattern that researchers described as unusual.
The incident reportedly became particularly notable on the Arbitrum network, where a newly created address allegedly used around $19.67 million in USDT0 to purchase 7,111 ETH within roughly six minutes. The transactions reportedly passed through UniswapX and 1inch Fusion, with some purchases occurring at prices significantly above the prevailing market price.
Such rapid movements can indicate an exchange security breach, although blockchain transfers alone do not establish how the assets left the exchange. Exchanges can also conduct emergency wallet migrations, custody changes or internal asset movements, meaning the exact cause of the Bitget wallet activity remains unconfirmed.
Crypto Assets Reportedly Converted Into Ethereum
Onchain monitoring indicates that a substantial portion of the transferred assets may have been converted into Ethereum. Later transaction activity reportedly showed additional USDC and USDT balances being exchanged for ETH, pushing the estimated value of affected assets above $170 million.
The scale of the reported outflows has raised concerns among Bitget users, particularly after reports of blocked or delayed withdrawals appeared online. However, social media reports should be treated cautiously until Bitget or independent blockchain security firms provide a definitive assessment of the incident and confirm whether customer funds were affected.
Bitget had recently highlighted its security infrastructure. Its September 2026 proof of reserves update reported a 135% total reserve ratio, while the exchange said its Protection Fund averaged about $382 million in August, with a peak valuation of $441 million. Those figures describe reserves and protection mechanisms but do not independently establish whether the reported wallet movements represent a successful attack.
Bitget Hack Investigation Continues
Reports indicate that the situation remained active as of September 24, with Bitget linked addresses apparently moving remaining assets from wallets suspected of being exposed. Researchers interpreted some of these transfers as a possible emergency security response designed to protect assets that had not yet been compromised.
The exact attack vector, the final amount involved and whether any customer balances were lost remain unclear. Blockchain investigators will likely continue tracking the suspected addresses as funds move between wallets and decentralized exchanges, while the crypto industry waits for an official explanation from Bitget.
If confirmed, the incident would add another major exchange-security event to the growing list of cryptocurrency hacks and wallet breaches that have highlighted the risks surrounding centralized crypto custody. For now, the $170 million figure should be treated as a reported estimate rather than a confirmed final loss because the investigation is still developing.
