Bitget(@bitget) was hacked for ~$351.6M! The hacker has already swapped most of the stolen funds on EVM chains for 67,982 $ETH($183M).

What happened

Bitget was hacked for about $351.6 million. The hacker swapped most of the stolen funds on EVM chains, which are Ethereum-compatible networks, into 67,982 ETH worth about $183 million.

Confirmed

Global impact / market context

A large crypto exchange hack can undermine user trust and reduce trading activity. Converting stolen funds into ETH may increase selling pressure on Ethereum, lowering its price if the hacker sells. It may also push exchanges to spend more on security.

Analyst inference

This event adds to concerns about exchange security and could make investors more cautious about holding crypto on trading platforms. If the stolen ETH is sold, it could weigh on Ethereum's price and affect related assets and market mood.

Analyst inference

What to watch

1. Track whether the hacker moves or sells the 67,982 ETH, because a large sale could push Ethereum's price down and affect other crypto assets. Confirmed
2. Watch for Bitget's response, such as reimbursing users, increasing security spending, or changing withdrawal rules, because these actions could affect customer trust and the company's costs. Proposed
3. Observe if Bitget or other exchanges tighten security, face regulatory scrutiny, or restrict withdrawals after this $351.6 million hack, since stricter rules could raise costs and reduce investor access. Analyst inference

Affected assets

• ETH — Ethereum
• 67 — SIXSEVEN

Evidence

• x.com