More than $170 million in crypto moves from Bitget wallets to unidentified address

More than $170 million in cryptocurrency has been moved from wallets labeled as belonging to crypto exchange Bitget to a single fresh address over roughly the past hour, according to onchain data examined by The Block.

The transfers came from several Bitget-labeled hot and cold wallets and included ether, USDT, USDC, AVAX and BNB. The receiving address has begun swapping the assets onchain, the data shows, with the movement unfolding within about an hour.

Breach or internal move?

The activity has prompted speculation about a possible security breach. It remains unclear whether the wallets were compromised or whether Bitget initiated the transfers as part of an internal operation. Large outflows from exchange-controlled wallets to a previously unused address are closely watched by onchain analysts because they can point to a hack, a fund migration or another planned transfer.

Some users have also reported problems with withdrawals, according to social media posts and other online reports. Bitget had not publicly confirmed the nature of the transfers at the time of the report.

The Block said it had reached out to Bitget to confirm whether the transfers are related to a security incident and whether withdrawals have been paused. The publication said the story would be updated as more information becomes available.

The movement of crypto from Bitget hot and cold wallets was tracked using data from Arkham Intelligence. Bitget is a major cryptocurrency exchange, which makes any sudden shift of funds from its labeled wallets a focus for onchain tracking services.