Key points
On-chain monitors report three hot wallets and one cold wallet linked to Bitget have moved more than $170 million, with proceeds swapped into ETH The receiving address, 0x770b10b273fC44Fe9197D6bF20F145c2e98463Ee, was created on Thursday and is already forwarding funds onward Affected wallets are reported to still hold roughly $530 million, so the amount moved is not a final figure
Cryptocurrency exchange Bitget is facing what on-chain analysts describe as an active security breach, with more than $177 million moved out of wallets linked to the exchange on Thursday and converted into Ether (ETH).
The attack vector is unknown, and the exchange has said nothing.
Yellow has verified the receiving address independently on Etherscan.
The wider claims about which wallets were compromised come from blockchain monitoring accounts rather than from Bitget or a named security firm, and the exchange has not confirmed any of it.
What The Chain Shows
Monitoring service MLM reported that three hot wallets and one cold wallet appear to have been compromised, with assets moved out and swapped into ether. It put the affected wallets' remaining holdings at about $530 million.
Etherscan records show the receiving address made its first transaction at 19:05 UTC on Thursday. Within roughly an hour it had run 15 transactions and was holding 4,373 ETH, worth about $11.7 million at an Ether price of $2,685.
That balance is far smaller than the sums reported to have moved, which fits the behavior of a staging address rather than a destination. Funds are arriving and being pushed onward, and blockchain intelligence firm Arkham has set up an entity page to track the flows.
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The Six Minute Swap
The clearest single event is a transaction on Arbitrum (ARB). Around $19.7 million in USDT0 left a Bitget wallet and was swapped for roughly 7,111 ETH in six minutes, at prices reaching 5% above spot, according to the monitoring account CryptoDadHL.
"Onchain data shows ~$19.7M in USDT0 leaving a Bitget wallet on Arbitrum, swapped for ~7,111 ETH in six minutes at up to 5% over spot," the account wrote. "Cause unclear. Bitget has not commented."
Paying that kind of premium to convert quickly is behavior associated with moving funds under time pressure rather than routine treasury management.
Bitget Has Not Commented
Yellow.com has reached out to Bitget CEO Gracy Chen for a comment.
Also, the exchange had issued no statement at the time of writing.
What Is Not Confirmed
Almost everything else. There is no confirmation of how the wallets were accessed, whether private keys were compromised, or whether any other infrastructure was affected. Total losses are unknown, and the movements were continuing at the time of writing.
Claims circulating on social media attributing the incident to specific actors are unsupported by published evidence and should be treated as speculation until forensic firms publish findings.
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