Bitget Exchange wallets transfer more than $170 million in crypto as security concerns emerge
Large crypto transfers from custodial wallets operated by Bitget Exchange are drawing scrutiny after more than $170 million in assets moved to a newly created address within about an hour. The receiving wallet is already swapping tokens onchain, while questions remain over whether the activity reflects a security incident or an internal exchange operation.
Highlights
- Bitget Exchange wallets transferred over $170 million in crypto assets—including ether, USDT, USDC, AVAX, and BNB—to a single new address within the past hour.
- The receiving address began swapping these tokens onchain, intensifying speculation about Bitget Exchange's custodial wallet security and operational intentions.
- Some users report withdrawal issues amid the transfer activity, raising additional scrutiny over Bitget's exchange operations as confirmation is sought.
Onchain transfers raise questions over wallet activity
The Block reports that the transfers appear to come from several hot and cold wallets labeled as belonging to Bitget Exchange, based on onchain data reviewed over the past hour.The assets moved include ether, USDT, USDC, AVAX and BNB, with funds sent to a single fresh address. That receiving address has begun exchanging the tokens onchain, adding to market attention around the transaction pattern.
Bitget Wallet, the separate self-custodial wallet product, said the activity did not affect its systems or users' self-custodial assets. The wallets involved were custodial wallets operated by Bitget Exchange and are separate from Bitget Wallet.
Withdrawal concerns add to exchange scrutiny
The transaction activity is prompting speculation about a possible security breach, but it remains unclear whether the wallets are compromised or whether Bitget itself initiates the transfers as part of an internal operation.Some users are also reporting withdrawal problems in social media posts and other online accounts. The Block says it has contacted Bitget to ask whether the transfers are linked to a security incident and whether withdrawals are paused, and says the story will be updated as more information becomes available.
Our previous report on North Korea-linked WaterPlum covered how the hacking group stole $10.7 million in cryptocurrency through a fake recruiting campaign targeting victims with malicious job offers.
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