Bitget-linked Bitcoin wallets moved $78.61M in six days

Bitcoin linked to the Bitget hacker moved $78.61 million from tracked wallets between Nov. 6 and Nov. 11, according to blockchain analytics firm Arkham. The transfers involved 1,052.34 Bitcoin, valued at about $78.61 million during the analysis.

CoinJoin transactions accounted for $63.43 million, or 847.26 BTC, representing about 80.5% of the Bitcoin that left the wallets. CoinJoin services combine inputs from multiple users, making individual transfers more difficult to trace.

Arkham traced 579.80 BTC directly from the labeled wallets. Another 267.46 BTC passed through intermediary addresses before reaching CoinJoin transactions.

Daily outflows rose for three consecutive days after falling to 16.75 BTC on Nov. 8. The largest recorded transfer occurred on Nov. 11, when 296.74 BTC worth about $21.83 million left the tracked wallets by 11:58 a.m. UTC.

Of the 205.08 BTC identified in other transfers, 172.33 BTC remained unspent across 250 addresses. Bitcoin represented more than 99% of the $71.86 million still held by the labeled wallets.

Bitget initially estimated that a Sept. 24 security breach caused the theft of $351.6 million in digital assets. The exchange later raised the estimate to $387.5 million after adding Zcash and TRON assets omitted from its initial calculation.

Bitget reported in September that it had fixed the vulnerability and was working with Mandiant and SlowMist on the investigation. Its recovery program offers eligible participants 5% of funds they directly help freeze and a separate 5% of funds they directly help recover.

Reviewed and fact-checked by Alex Panasenko on November 12.