Bitget Reportedly Hacked as Crypto Outflows Surpass $170 Million

Bitget Reportedly Hacked as Crypto Outflows Surpass $170 Million

Bitget, one of the world’s major cryptocurrency exchanges, is facing a major security scare after more than $170 million worth of crypto assets were reportedly moved from wallets linked to the platform.

The unusual transactions were detected on Thursday, September 24, as blockchain trackers began flagging large transfers from multiple Bitget-linked wallets.

The assets reportedly involved include Ethereum, USDT, USDC, BNB, AVAX and XAUT. The funds were transferred to an address that has attracted the attention of blockchain investigators.

One of the transactions involved about $19.7 million in USDT0 being used to purchase approximately 7,111 ETH within minutes. Other assets were also reportedly converted into Ethereum as the transfers continued.

The estimated value of the suspicious movements has since climbed beyond $170 million, with some reports putting the total above $180 million.

The activity has sparked speculation that Bitget may have suffered a security breach. Reports of withdrawal difficulties on the exchange have added to the concerns surrounding the incident.

However, Bitget has not yet officially confirmed that the exchange was hacked or that the funds were stolen.

That distinction is important. Cryptocurrency exchanges regularly move assets between hot and cold wallets, meaning unusual transactions alone do not establish that a theft has occurred. In this case, the scale of the transfers and the movement of multiple assets to an apparently unrelated address have raised questions among blockchain observers.

The receiving wallet and subsequent movement of the funds are now being closely monitored as the crypto community waits for further information.

The incident comes shortly after Bitget released its latest Proof of Reserves report. The exchange said its total reserve ratio stood at 135% across 19 assets, while its Protection Fund remained above $300 million.

For users, the biggest concern is whether the reported outflows represent an actual loss of customer funds or an internal wallet operation that has yet to be explained.

Until Bitget provides an official explanation, the more than $170 million figure should be regarded as the estimated value of suspicious wallet movements, rather than a confirmed theft.

The situation remains developing, and any official statement from Bitget could provide further clarity on what happened.

RafTech Blog will continue to follow the development and provide updates as more verified information becomes available