Bitget hacker just began laundering the $388 million loot
The Bitget hacker has resumed moving stolen cryptocurrency, transferring $19.48 million across 52 transactions in what may signal the start of a laundering effort involving the $388 million exchange breach.
According to blockchain intelligence firm Arkham Intelligence, the transfers occurred between October 21 and October 24, with nearly all funds sent to previously unused wallets. Bitcoin (BTC) accounted for $19.33 million, with the remainder in Ethereum (ETH).
Since October 15, wallets linked to the attacker have transferred approximately $78.01 million to new addresses. Transfers peaked at $23.31 million on October 15 before declining, with activity pausing on October 19.
Is the Bitget Hacker laundering the stolen funds?
The Bitget Hacker moved $19.48M out of its wallets in 52 transfers between 10:02 UTC on 21 October and 02:48 UTC this morning. $19.33M of that was BTC, the rest ETH.
Here are the flows: pic.twitter.com/3AQtyJ6NlJ
— Arkham (@arkham) October 24, 2026
Although the transactions suggest an attempt to obscure the funds’ movement, Arkham has not identified any cryptocurrency exchanges, mixing services or over-the-counter desks receiving the latest transfers. Most destinations remain untraced, and laundering has not been confirmed.
Over $240 million tracked
Arkham values the remaining holdings in wallets attributed to the hacker at approximately $242.54 million. Bitcoin accounts for $241.99 million, equivalent to 2,960.01 BTC, while smaller balances remain across Ethereum, Hypercore, Solana (SOL) and Tron (TRX).
The tracked holdings represent approximately 69% of Arkham’s $350 million baseline for the theft, or about 63% of Bitget’s revised estimate of $388 million.
Splitting funds across fresh addresses could complicate recovery efforts and precede further transfers through cross-chain bridges, mixing services or cash-out channels. However, the attacker’s next moves remain unclear.
Particulars of the Bitget hack
The September 24 attack drained approximately $387.5 million to $388 million from Bitget’s hot and warm wallets across multiple blockchains, including Ethereum and the XRP Ledger. The exchange later revised its estimate to account for additional assets on Zcash and Tron.
Bitget said its private keys remained secure and cold wallets were untouched. Its user protection fund covered the losses, leaving customer balances unaffected.
The exchange contained the breach and gradually restored withdrawals in the following weeks. It continues to cooperate with investigators as analysts track the stolen funds.
The incident ranks among 2026’s largest cryptocurrency exchange thefts, highlighting the challenges of recovering stolen assets despite blockchain transparency.
Featured image via Shutterstock
