Bitget Says Hot-Wallet Attack Drained About $351.6 Million
Cold wallets and most platform assets were unaffected, while withdrawals remain suspended during a security review.
An attack on portions of Bitget's hot and warm wallet systems moved about $351.6 million in crypto.
Cold wallets and most platform assets were unaffected. Bitget's user protection fund exceeded $464 million, enough to cover the loss.
The attackers compromised a key backend system in Bitget's wallet infrastructure, used it to forge transaction data and triggered authorization processes to transfer funds. The company said its investigation has ruled out private-key leakage and that no further unauthorized transfers are expected.
Withdrawals remain suspended while technical teams repair and reinforce the affected systems. Law enforcement and blockchain security teams are investigating, and Bitget said it plans to release a full incident report within 24 hours covering the root cause and corrective measures.
Bitget CEO Gracy Chen said preliminary findings showed some related IP addresses matched VPN services used by a North Korean hacking group and that the attack pattern resembled earlier operations linked to the group. She said the attacker’s identity has not been confirmed and that Bitget does not currently believe the incident involved an insider.
