Bitget Hacker Moves $78.6M in Bitcoin Largely Through CoinJoin Mixers
Heavy use of CoinJoin mixing breaks clear on‑chain links and risks reduced recoveries without legal orders or cooperation from third parties.
Overview
- Blockchain firm Arkham reported that 1,052.34 BTC (about $78.61 million) left wallets it links to the Bitget hacker between Nov. 6 and Nov. 11, with daily outflows peaking at 296.74 BTC on Nov. 11.
- Arkham traced 847.26 BTC (roughly $63.43 million) into 66 CoinJoin transactions, a mixing method that pools many users’ inputs to obscure which outputs belong to which inputs.
- Bitget’s own tracker shows a different tally—72 CoinJoin transactions with 866.23 BTC in gross inputs—illustrating how different analytics methods and counting rules produce divergent pictures of the same flows.
- Bitget has active investigators and is offering a 5% bounty for eligible help freezing or recovering funds, but Bitcoin cannot be frozen by issuers and on‑chain mixing increases dependence on legal action or cooperation from services.
- Earlier tracing found stolen assets were converted to Bitcoin through cross‑chain services such as THORChain and issuers froze about $340,000 in stablecoins; observers say the key things to watch next are whether mixers or counterparties cooperate and whether law enforcement secures court orders to halt further cash‑outs.