Crypto Exchange Bitget Hacked for Over $350 Million

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Global virtual asset exchange Bitget suffered damages exceeding $350 million due to a hot wallet hack. The attackers are moving the stolen virtual assets to other chains, and Bitget announced that it could fully cover the losses with its user protection fund, which amounts to $464 million, after halting withdrawals.

According to investment media FXStreet on September 25 (local time), some of Bitget's hot wallets were attacked, resulting in the theft of over $351 million in virtual assets. This hack was initially detected through multiple on-chain analysis tools, and it was initially observed that over $180 million in assets moved from the exchange's wallet to an unverified address.

It was identified that the attackers exchanged various stolen virtual assets, including Ethereum (ETH), USD Coin (USDC), Tether (USDT), BNB, and Avalanche (AVAX), at prices significantly lower than spot prices, and then bridged them to other blockchains. Following the hack, some users reported that withdrawal processing was not occurring on the exchange.

Gracy Chen, CEO of Bitget, confirmed the hack on Thursday and estimated the damage at approximately $351.6 million. CEO Chen stated that user funds are safe and that the full amount of the loss is covered by the User Protection Fund, which currently holds over $464 million. Bitget has halted withdrawals since the incident and plans to resume services after completing security checks.

CEO Chen stated that the Internet Protocol (IP) addresses traced in this hack may be related to North Korea (DPRK)-linked groups. However, the media did not state that this connection has been confirmed.

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