Arkham Traces $63 Million in Bitget Hack Funds to CoinJoin
- Published
- Updated
Arkham traced Bitget hack funds moving through Bitcoin wallets and CoinJoin over a six-day period. The traced amounts differed between the two writeups, with one focusing on $78.61 million moved out of labeled wallets and the other on $63 million traced into mixing transactions.
Key claims & sources
What it means
Bitget is dealing with a follow-on tracing effort after a hacker moved Bitcoin through wallets and mixing routes, and Arkham has been publishing updates on where the funds went. CoinJoin is a long-running privacy tool in Bitcoin, so its appearance here points to the familiar problem of tracking stolen coins once they move through obfuscation layers. The timeline in both writeups centers on activity over six days and an update dated Nov. 12, which places the case in an active recovery phase.
For Bitget users and investigators, the practical issue is not just the theft itself but whether the remaining trail can still be followed across labeled wallets and mixing transactions. Once coins enter CoinJoin, tracing becomes harder and exchanges, analytics firms, and law enforcement may have to work with partial visibility rather than a clean on-chain path. That shifts the burden toward screening, wallet labeling, and rapid response rather than any simple reversal of transfers.
This case sits at the tension between Bitcoin’s open ledger and tools that are designed to reduce traceability. CoinJoin preserves user privacy for ordinary holders, but the same feature also gives stolen funds a way to blend in with other outputs, which is exactly why blockchain surveillance firms keep publishing attribution updates. The trade-off is visible here: public tracing can expose movement, but privacy tooling can still interrupt the clean audit trail that investigators prefer.
Still unknown is how much of the hacked Bitcoin can be recovered, and the available writeups do not say where the funds are now beyond the traced wallets and CoinJoin activity. The next decisive step would be a fresh attribution update showing whether any of the traced coins leave the mixing path, reach another exchange, or surface in a wallet that can be linked to a person. Until then, the public record is limited to the amounts Arkham identified and the wallets it labeled.
Market reaction i
Bitget Token barely moved in the 4 hours after the first headline, after a flat 2 hours before.
28 prices, one every 30 minutes
Coverage timeline
Every piece in order, with the time its news medium declares — if it is not believable we use ours and say so — and what it added to what was already known at that point. Arriving first is not the same as adding something.
Thefts of a similar size
| When | What happened | Figure |
|---|---|---|
| 4.5 years ago | Fei Protocol & Rari Capital · Reentrancy attack incident | $80M |
| 4.8 years ago | Qubit · Missing Input Validation incident | $80M |
| 6.0 years ago | Compounder.Finance · Project owner internal operations incident | $80M |
| 4.9 years ago | AscendEX · Wallet stolen incident | $77.7M |
| 4.9 years ago | AscenDEX · Hot Wallet Key Compromised incident | $77M |
4301 incidents stored · 94 were as large as this one or larger ($78.6M)