Bitget Says $351.6 Million Hack Losses Are Fully Contained
CEO Gracy Chen said a North Korean group was very likely behind the breach, while withdrawals remain suspended during a security review.
Bitget said it contained approximately $351.6 million in losses from a Sept. 24 breach, limiting the incident to parts of its hot- and warm-wallet infrastructure while cold wallets remained secure.
The exchange detected unauthorized transfers at 2:31 p.m. ET (18:31 UTC), then suspended withdrawals. Deposits and trading remained operational as Bitget reviewed its systems.
Bitget CEO Gracy Chen said the exchange had ruled out a private-key compromise and blocked further unauthorized transfers. “Loss containment is confirmed. No further unauthorized transfers are possible,” Chen said.
Chen also said the attack was “very likely” carried out by a North Korean group and was not an internal operation. The attribution has not been confirmed, and Bitget has not announced when withdrawals will resume.
Bitget said its User Protection Fund held more than $464 million, exceeding the stated loss. The exchange said it had identified abnormal transfer addresses and notified authorities and blockchain-security firms.
The breach affected operational wallet layers rather than Bitget’s cold-wallet holdings. Bitget said it would restore withdrawals after completing its security review.
