Bitget Under Fire After Reports of Hack and $176 Million in Transfers
On-chain data shows fast movements out of Bitget wallets, while users report withdrawal problems. The exchange has not yet confirmed a possible hack.
Key Takeaways
- Bitget came under criticism after users reported withdrawal problems and on-chain data showed about $176 million in transfers from linked wallets.
- According to Arkham, the large transactions happened within about 20 minutes through multiple hot wallets and at least one cold wallet.
- Bitget has not issued an official response yet, so it is still unclear whether this was a hack or internal wallet management.
Bitget is under fire after users reported withdrawal problems and on-chain data showed that about $176 million moved from wallets linked to the crypto exchange. The transactions happened in a short period of time and have led to speculation about a possible hack, although Bitget has not confirmed that yet.
Large Transfers in a Short Time
According to Arkham, it involved a series of large transfers within about 20 minutes. During that time, several Bitget-labeled hot wallets and at least one cold wallet moved funds. Notably, different wallets sent different assets to the same address.
That receiving address, 0x770b...63Ee, showed up multiple times. It received, among other things, ETH, AVAX, BNB, USDT, USDC, and XAUT. Fast wallet sweeps like this can fit a hack, but exchanges also regularly move money internally for wallet maintenance or custody changes.
Withdrawal Problems Raise More Questions
Along with the on-chain movements, users on social media reported that withdrawals were blocked. Some accounts also said part of the moved assets had been converted into ETH, but that is not visible in the screenshot and remains unconfirmed.
Bitget has not yet issued an official response explaining the transactions or confirming that a security incident took place. Until that happens, it remains unclear whether the transfers point to a real breach or to internal wallet management.
Why This Matters
For European crypto users, this is especially relevant because major exchanges are also under close watch outside the United States when a lot of money suddenly moves out of wallets. The crypto market has already dealt with several major hacks and exploits in 2026, which has only increased attention on custody and withdrawal processes. Reports like this can therefore quickly turn into a broader trust story around exchanges.
