Bitget hacker moves $78.6M in Bitcoin, sending 80% through CoinJoin - Crypto News
The Bitget hacker has transferred $78.61 million in Bitcoin from labeled wallets over six days, with approximately 80.5% of the funds entering CoinJoin transactions, according to blockchain intelligence firm Arkham.
The Bitget hacker has moved $78.61 million in Bitcoin out of labeled wallets over six days, with most of the funds entering CoinJoin transactions to obscure their trail, according to blockchain intelligence firm Arkham. The transfers began on Nov. 6 and continued through Nov. 11, with the largest single-day movement occurring on Nov. 11 when 296.74 BTC worth $21.83 million was transferred by 11:58 UTC.
CoinJoin Dominates Transfers
Of the 1,052.34 BTC moved during this period, 847.26 BTC entered 66 CoinJoin transactions, accounting for approximately 80.5% of all Bitcoin transferred. The WabiSabi protocol, which combines participants' Bitcoin inputs and creates outputs without exposing direct input-to-output links, was used in these transactions. Arkham traced 579.80 BTC worth $43.59 million directly from labeled wallets, while another 267.46 BTC valued at $19.84 million traveled through fresh addresses before reaching the CoinJoin transactions.
The WabiSabi protocol documentation describes transactions that combine participants' Bitcoin inputs and create outputs without exposing a direct input-to-output link to the coordinator or other participants.
Unmixed Funds and Remaining Assets
Arkham classified another 205.08 BTC, worth $15.18 million, as moved but not CoinJoined. Of this amount, 172.33 BTC worth $12.72 million remained unspent across 250 addresses, while 16.38 BTC valued at $1.22 million was still moving through multiple hops. The remaining unmixed funds included 10 BTC worth $760,000 sent to Maya Protocol and 4.37 BTC worth $330,500 distributed across 433 small outputs.
Bitget's Recovery Program
These movements follow the Sept. 24 breach that Bitget initially valued at $351.6 million before revising the total to $387.5 million to include Zcash and TRON assets omitted from the first calculation. The exchange has offered a recovery bounty program that provides eligible participants 5% of funds they directly help freeze and a separate 5% of funds they directly help recover. Bitget named Mandiant and SlowMist as investigation partners and stated they had identified and fixed the underlying vulnerability.
Current Wallet Holdings
As of the latest snapshot, the tracked wallets still hold 959.29 BTC worth $71.44 million, with Bitcoin representing more than 99% of the portfolio. The remaining assets include 241,026 USDT, 134,456 USDC, and 18.358 ETH, along with smaller holdings in TRX and USDD. Arkham classified approximately $339,320 as frozen and $71.52 million as liquid across these wallets.
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