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Bitget's $350 million hacker makes first transaction move
A wallet linked to the Bitget hack moved stolen funds for the first time since the September 24 security breach, which lost over $350 million. On Monday, on-chain trackers saw it transfer Ethereum into THORChain vaults and convert it into Bitcoin.
Published:
Updated:
What happened
A wallet linked to the Bitget hack moved stolen funds for the first time since the September 24 security breach, which lost over $350 million. On Monday, on-chain trackers saw it transfer Ethereum into THORChain vaults and convert it into Bitcoin.
Confirmed
Global impact / market context
Moving and converting stolen crypto can complicate recovery efforts, because funds cross chains and become harder to trace. This may also affect investor confidence in exchange security and in the assets involved, such as Bitcoin and Ethereum, if selling pressure follows.
Analyst inference
The activity comes weeks after the breach, when the stolen funds had stayed still. THORChain is a service that swaps assets across blockchains, so using it lets the attacker shift value between Ethereum and Bitcoin while reducing direct links to the original wallet.
Analyst inference
What to watch
- Whether the attacker continues moving funds through THORChain or other services, and whether the converted Bitcoin is sent to exchanges, which are platforms where crypto can be traded for cash or other assets. Confirmed
- Exchange security teams and blockchain analysts might increase monitoring of wallets tied to the hack, and they could coordinate with law enforcement to freeze assets if the funds touch regulated venues. Proposed
- Any large sales of the stolen Bitcoin or Ethereum could add selling pressure to those markets, potentially lowering prices, while news of recoveries or freezes could reduce that pressure and support confidence. Analyst inference
Affected assets
- XRP — XRP
- ETH — Ethereum
- BTC — Bitcoin