Arkham traces $63m in stolen Bitget funds to CoinJoin mixer
Analytics firm Arkham tracked 847.26 bitcoin from the Bitget exploit into mixing services, while another 959.29 bitcoin remains in identified wallets.
Key takeaways
- 1Arkham traced 847.26 BTC ($63 million) stolen from Bitget into CoinJoin mixing transactions.
- 2A further 959.29 BTC linked to the breach remains stored in labelled wallet addresses as recovery efforts continue.
On-chain analytics provider Arkham has traced $63 million worth of bitcoin stolen in a security exploit targeting crypto exchange Bitget into CoinJoin mixing transactions. Data compiled by the firm shows that attackers transferred 847.26 bitcoin into mixing services in an effort to obscure the direct transaction path of the stolen funds.
Alongside the funds directed into privacy services, Arkham identified a further 959.29 bitcoin currently held across labelled wallet addresses tied directly to the exploit. Asset recovery efforts remain active, with security teams and blockchain investigators tracking the digital wallet balances as they attempt to freeze associated holdings.
CoinJoin operates as a privacy mechanism that merges multiple separate bitcoin transactions into a single transaction structure, making it difficult for analysts to map specific senders to receivers. Centralised crypto exchanges routinely run automated compliance checks to detect incoming transfers that have interacted with mixing tools, aiming to intercept funds linked to known hacks.
The transfer of stolen holdings into privacy protocols indicates that the attackers are taking active steps to launder the proceeds of the breach. Industry observers and compliance teams will monitor whether centralized exchanges successfully block tagged wallet addresses to prevent the remaining stolen bitcoin from being converted to alternative assets.
Reported and edited by the YourKhabri desk under our editorial policy. Nothing here is investment advice.