WuBlockchain’s daily selection pulled together updates on the Bitget security incident, fresh crypto treasury buying, on-chain fund tracing and Ethereum’s technical direction.
Bitget CEO describes how the roughly $380 million theft happened
Bitget CEO Gracy Chen said in a community livestream today that a full trace of the incident found the attackers exploited a vulnerability in a third-party security product, stole internal permission credentials and then sent forged withdrawal commands to the wallet system, allowing abnormal transfers to pass risk checks.
Chen said the incident did not involve any private key leak, and the exchange’s cold wallets were not affected. More technical details will be released in a later security report.
She also said the verified losses are within the coverage of Bitget’s protection fund. The company plans to replenish the fund to its $300 million baseline within a week. BTC withdrawals have already resumed, while ETH, USDT and other withdrawals will recover gradually based on the timetable published earlier.
BitMine adds 17,362 ETH in one week
BitMine said it accumulated 17,362 ETH over the past week. As of Sept. 27, its total holdings had reached 6,001,302 ETH, equal to about 4.9% of Ethereum’s 122.1 million supply and roughly 98% of its stated goal of holding 5% of total ETH supply.
About 5.067 million ETH has been staked, or around 84% of the company’s holdings. BitMine said the combined value of its crypto assets, cash and other investments stands at about $17.2 billion.
Strategy buys 1,665 BTC and repurchases STRC
Strategy founder Michael Saylor said the company recently bought another 1,665 BTC and spent $152 million to repurchase STRC.
As of Sept. 27, Strategy held 847,666 BTC and $6.02 billion in dollar-denominated assets.
ZachXBT says Bitget theft funds are moving through bridges and mixers
On-chain investigator ZachXBT said illicit actors representing suspected North Korean attackers and laundering funds from the $387 million Bitget theft are openly seeking order support in Discord servers and Telegram channels tied to the services they use.
He said one member using the alias Alias 4 had also laundered funds from the $292 million Kelp DAO theft earlier this year, and that the same pattern had been observed after multiple attacks attributed to TraderTraitor.
According to ZachXBT, the funds are currently being moved across bridges and deposited into mixing services including Wasabi. He said he plans to share more data in the coming weeks.
Wazz links 53 Robinhood Chain token launches to an alleged serial rug pull
On-chain analyst Wazz said he tracked a serial rug pull operation tied to 53 token launches on Robinhood Chain that extracted $18.43 million over about two months, with additional activity possibly still outside the count.
He said 45 launches could be connected through fund flows, with proceeds from one launch later used to finance the next. Another four launches used the same private key to sign fund distribution transactions, and four more sent proceeds to the same collection wallet.
Wazz said most launches used 70 to 200 related wallets to buy more than 70% of supply, and that most were deployed through Pons V2.
In his tally, CRUMBS, LEGS and PINK extracted about $3.12 million, $2.9 million and $1.44 million, respectively. He also said some projects put out fake contracts before the official launch, drew in buyers, and only then published the real contract address.
Vitalik says Ethereum is evolving into a cryptographic world computer
Vitalik Buterin wrote in an article titled The cryptographic world computer that Ethereum is moving beyond the model of a traditional blockchain toward what he called a cryptographic world computer.
He said that by 2030, Ethereum is expected to adopt few-slot finality, PeerDAS and SNARK-based verification, multi-party block building, FOCIL, private mempools, and lighter distributed storage for history and state. That would shift verification away from downloading and re-executing everything toward a model based on data sampling plus SNARK verification, while strengthening scalability, privacy and censorship resistance.
Buterin said the Hegotá upgrade planned for next year could be Ethereum’s last “regular upgrade” in a form that developers from 2015 would still find familiar. After that, upgrades would involve recursive STARKs, automated formal verification, highly optimized consensus algorithms and quantum-resistant technology.
He added that with PeerDAS moving into deployment, Ethereum has already started shifting away from being only a blockchain and toward a system that combines blockchain infrastructure, cryptographic privacy and verification, and strong decentralized off-chain components.