Key Takeaways:
- In six days, Arkham recorded a loss of 1,052.34 BTC valued at $78.61 million from wallets that were identified as belonging to the Bitget hacker.
- 847.26 BTC worth $63.43 million swapped in 66 CoinJoin transactions.
- Arkham’s latest update shows that the tracked wallets had $71.44 million in 959.29 BTC today.
Arkham’s November 12 update highlighted transfers between November 6th and Nov 11th and revealed that a significant BTC account still exists in the monitored wallets.
Bitget Hacker Moves More Than 1,000 BTC in Six Days
Arkham reported that 1,052.34 BTC, worth approximately $78.61 million, left wallets labeled as belonging to the Bitget hacker over the six-day period. The transfers started on November 6 when 137.71 BTC was transferred and grew towards the end of the tracking period.
The highest number of outflows was recorded on November 11, when 296.74 BTC valued at $21.83 million moved out from the wallets at 11:58 UTC. This was after an increase of 206.31 BTC on November 9 and 238.79 BTC on November 10. It has been sending 175.39 BTC, that is approximately $13.10 million per day, since November 6.
The activity relates to the September breach Bitget allegedly suffered, at around $350 million. According to Arkham, the total withdrawal of $192.6M from three hot wallets and a cold wallet on six EVM chains happened on September 24 for three different destinations, including one address.
Read More: Thailand to Block Bitget on Dec. 5 After SEC Files Criminal Complaint Over Licensing
$63.43M in Bitcoin Enters CoinJoin Transactions
CoinJoin was the most important transaction that was a part of the latest movement. Arkham’s algorithm traced 847.26 BTC (NAKIVO: $63.43 million) into 66 CoinJoin transactions starting at 09:27 UTC on November 6.
Directly from the labeled wallets, 579.80 BTC ($43.59 million) was used directly in CoinJoin transactions. A further 267.46 BTC ($19.84mil USD) transited to new addresses that had either one or six transactions that were connected to them.
CoinJoin aggregates multiple Bitcoin inputs to achieve multiple outputs, complicating the identification of an output’s source. This method makes the tracing of transactions more difficult but does not necessarily mean that the money is untraceable.
Where the Remaining Bitcoin Went
Out of that, Arkham detected 205.08 BTC valued at $15.18 million that was transacted outside of CoinJoin transactions. This included 172.33 BTC at 250 addresses but still being transferred through 16.38 BTC in 6 hops. It was also observed that 10 BTC were sent to Maya Protocol and 2 BTC were sent to THORChain and exchanges, while another 4.37 BTC showed up in 433 small outputs.
Hacker-Linked Wallets Still Hold $71.44M in Bitcoin
The wallets tracked have transferred until they stood at $71.44 million or roughly 959.29 BTC. According to Arkham, the labelled wallets held over $71.86 million with majority (99%+) of this being Bitcoin.
The latest figures show that substantial funds remain under observation even after more than $78 million in Bitcoin moved during the six-day period.
Read More: Bitget Halts Withdrawals After $351.6M Hot Wallet Incident Hits Crypto Exchange
The post Bitget Hacker Moves $78.6M in Bitcoin, Sends $63.4M Through 66 CoinJoin Transactions appeared first on CryptoNinjas.
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