Recent reports have emerged about suspicious on-chain activities linked to the cryptocurrency platform Bitget, with estimates suggesting that the incident may involve over $100 million.
Numerous users have noted that their withdrawal functions have been disabled, yet significant asset transfers seem to have occurred between hot and cold wallets attributed to Bitget.
Researchers analyzing on-chain data highlighted particularly significant transactions on the Arbitrum network. A newly created address, 0xe410…d946, reportedly purchased 7,111 $ETH in a swift six-minute timeframe, utilizing around 19.67 million USDT0 from a Bitget hot wallet. These transactions utilized platforms such as UniswapX and 1inch Fusion, with certain purchases occurring at nearly 5% above the prevailing market price.
The increase in pricing within the WETH/$USDC pool, which reached approximately $2,870 during these aggressive acquisitions, further fueled concerns that these transactions deviated from standard market behavior.
Additional on-chain data indicates that multiple assets, including $ETH, AVAX, BNB, $USDC, XAUT, USDT0, and $USDT, have been transferred from wallets associated with Bitget to the same address. Selected transactions captured in screenshots alone total tens of millions of dollars.
*Please note that this does not constitute investment advice.