More than $170 million in crypto moves from Bitget wallets to unidentified address

More than $170 million in crypto appears to have been moved from wallets labeled as belonging to crypto exchange Bitget to a single fresh address over roughly the past hour, according to onchain data examined by The Block.The transfers came from several Bitget-labeled hot and cold wallets and include ether, USDT, USDC, AVAX and BNB. The receiving address has begun swapping the assets onchain.The activity has prompted speculation of a potential security breach, though it remains unclear whether the wallets were compromised or whether the transfers were initiated by Bitget as part of an internal operation.Some users have also reported problems with withdrawals, according to social media posts and other online reports.The Block has reached out to Bitget to confirm whether the transfers are related to a security incident and whether withdrawals have been paused.This story will be updated as more information becomes available.