Transfer of Stolen Assets from Bitget to Thorchain and Conversion to Bitcoin

The attackers of Bitget have begun transferring and converting stolen assets, converting part of the Ethereum from the Thorchain protocol to Bitcoin. In this incident, which occurred on September 24, $351.6 million worth of assets were withdrawn. Bitget has stated that it has identified and resolved the attack vector, and no new unauthorized transfers have been observed. ZachXBT, a blockchain researcher, mentioned that the funds related to this attack were moved through cross-chain bridges and directed towards mixers like Wasabi. He also claimed that individuals involved in this transfer are criminal and Chinese-speaking. Gracy Chen, the CEO of Bitget, had raised the possibility of a connection between the attack and a North Korean group. On September 28, Chen explained that the attackers gained access to internal credentials through a vulnerability and entered the backend of Bitget's wallet. He emphasized that the private key has not been compromised and that this attack is not the work of an insider. Thorchain refused to block the attackers' addresses, stating that its decentralized structure does not allow for selective censorship of transactions. Bitget has announced that it has reactivated Bitcoin withdrawals and that its user protection fund, valued at $464 million, will cover the estimated losses.

This content is provided for general informational purposes only and doesn't constitute financial, investment, legal, or tax advice. Any events, rewards, online promotions, or related information mentioned herein should not be considered a recommendation, solicitation, or invitation to purchase, sell, trade, or otherwise deal in any crypto assets. Crypto assets are highly volatile and may result in loss. The availability of WEEX services, products, and related events may vary by region. You are responsible for ensuring that your participation is in accordance with applicable local laws and regulations.