Bitget's $387.5M Exploit: Who Helped The Hackers And Who Blocked Them? 🚨🔍
Attackers drained roughly $387.5M across 8 chains by spoofing internal signatures. Cold vaults stayed untouched, with user balances covered by Bitget's $464M protection fund. 🛡️💼
Tracing the stolen money reveals a stark clash between permissionless swaps and on-chain defense: ⛓️👀
🔹 Over $6.3M in $ETH was swapped to 75.2 $BTC on THORChain across 27 trades. THORChain refused Bitget's blacklist request, citing its permissionless design.
🔹 Swapped Bitcoin was immediately routed into Wasabi Wallet for CoinJoin mixing (pooling transfers to break transaction history).
Defenders also intercepted critical transfer paths: 🛑⚡
🔸 NEAR Intents SHIELD system blocked over $50M in laundering volume, successfully freezing $503,000 mid-execution.
🔸 Centralized stablecoin issuers Tether and Circle froze roughly $318,000 in tagged addresses.
About $821,000 is frozen in total, but native coins continue moving on-chain. 📊🔐
Are you keeping funds on Bitget or withdrawing? 👇
#CryptoSecurity #Bitget #DeFi #Blockchain
Attackers drained roughly $387.5M across 8 chains by spoofing internal signatures. Cold vaults stayed untouched, with user balances covered by Bitget's $464M protection fund. 🛡️💼
Tracing the stolen money reveals a stark clash between permissionless swaps and on-chain defense: ⛓️👀
🔹 Over $6.3M in $ETH was swapped to 75.2 $BTC on THORChain across 27 trades. THORChain refused Bitget's blacklist request, citing its permissionless design.
🔹 Swapped Bitcoin was immediately routed into Wasabi Wallet for CoinJoin mixing (pooling transfers to break transaction history).
Defenders also intercepted critical transfer paths: 🛑⚡
🔸 NEAR Intents SHIELD system blocked over $50M in laundering volume, successfully freezing $503,000 mid-execution.
🔸 Centralized stablecoin issuers Tether and Circle froze roughly $318,000 in tagged addresses.
About $821,000 is frozen in total, but native coins continue moving on-chain. 📊🔐
Are you keeping funds on Bitget or withdrawing? 👇
#CryptoSecurity #Bitget #DeFi #Blockchain
