Binance and Bitget Hack Funds Converge at One Address
Blockchain investigator ZachXBT says funds stolen in the Binance and Bitget hacks were routed through THORChain to the same address and mixed. The movement, which he reported about 45 minutes before his post, suggests the two attacks may have been carried out by the same actor. The incidents involved approximately $6.3 billion in Binance-related losses and $388 million in Bitget-related losses, according to the report. ZachXBT noted that the Bitget attack had previously been attributed to TraiderTraitor, a hacking group linked to North Korea and associated with other incidents, including one involving Kelp DAO. The on-chain link is an investigative indication, not definitive proof of shared responsibility.
Neutral
The report is significant for exchange security and the tracing of stolen assets, but it does not establish a new loss, recovery, freeze, or direct threat to trading infrastructure. The alleged attacks and their reported scale could reinforce concerns about exchange and cross-chain security. In the short term, traders may respond with caution toward the platforms or assets perceived to be connected, while on-chain monitoring and any official exchange updates could drive volatility. Similar hack reports have often triggered brief risk-off reactions, withdrawals, and heightened scrutiny, but market-wide moves typically depend on whether assets are frozen, customer funds are affected, or broader contagion emerges. Over the longer term, the evidence could inform investigations and security measures; the shared-address link alone is not proof of common responsibility and does not establish a lasting market direction. A neutral classification is therefore appropriate.