New Move by Bitget Attacker: Stolen Ethereum Is Being Converted to Bitcoin!
Lookonchain reported that a wallet linked to the Bitget attacker is converting its Ethereum holdings to Bitcoin through THORChain. The shared records show not only transfers between addresses but also ETH-to-BTC swaps.
In the on-chain data platform’s September 28 post, the address beginning with 0xf7bC, which is linked to the attacker, is shown sending ETH to THORChain vaults in successive transactions. The image also shows this address receiving funds from a wallet labeled “Bitget Hacker.”
This time, the movement being tracked goes beyond transferring funds to another wallet: it involves changing the asset type. Swap records on THORChain’s transaction screen show BTC being received in exchange for the ETH sent.
Swaps of 100 ETH appear in the records
The second shared screenshot shows multiple Rapid Swap transactions. One example shows approximately 2.70 BTC in exchange for 85.75 ETH, while other rows show transactions converting 100 ETH into approximately 3.15 BTC.
In its post, Lookonchain put the amount stolen in the Bitget attack at $351.6 million. This figure is not the total of the swaps in question; it is the amount the source reported for the attack. The shared screenshots show only some of the fund movements, so they do not establish that all of the stolen assets were converted to Bitcoin.
