Bitget Crypto Exchange Hit with Massive $351.6 Million Hack, Suspected North Korean Hackers Blamed
In a devastating blow to the cryptocurrency community, Bitget, a major crypto exchange, has fallen victim to a massive hack that has resulted in the theft of over $351.6 million from its hot and warm wallets. The breach, which was discovered on Thursday evening after security systems flagged multiple unauthorized transfers, is being investigated by law enforcement agencies and cybersecurity experts.
The attack appears to have been carried out by suspected North Korean hackers, who have been linked to numerous high-profile crypto heists in the past. According to Bitget’s CEO, Gracy Chen, the attackers compromised a critical backend system within the exchange’s wallet infrastructure, allowing them to spoof transaction data and trigger the authorization process to move funds out.
The hack is particularly alarming due to its sheer scale and the fact that it involves multiple assets across various blockchain chains, including Ethereum, XRP Ledger, Arbitrum, Avalanche, Optimism, BSC, and Base. Chen confirmed that some of these chains have already frozen the hacker’s wallet addresses, preventing any further unauthorized transfers.
One of the most concerning aspects of this hack is its potential connection to North Korea’s alleged use of cryptocurrency theft to fund its ballistic missile program. According to estimates by blockchain analysis company Chainalysis, state-backed North Korean hacking groups have stolen over $1.34 billion in 47 crypto heists throughout 2024 alone.
While Bitget has assured users that their self-custodial wallets remain unaffected and are operating independently of the exchange’s compromised systems, the incident highlights the ongoing threat posed by sophisticated cyber attackers to the cryptocurrency ecosystem. The company’s User Protection Fund, which currently holds over $464 million, will cover all losses incurred as a result of the hack.
In response to the breach, Bitget has temporarily suspended all withdrawals while it continues to investigate the incident with the help of law enforcement agencies and cybersecurity experts from Mandiant and SlowMist. The company has also promised to restore normal operations as soon as possible, once investigators confirm that it is safe to do so.
For users of crypto exchanges, this incident serves as a stark reminder of the need for vigilance and caution in protecting their assets. While Bitget’s User Protection Fund will cover all losses incurred due to the hack, it is essential for individuals to take proactive steps to secure their own wallets and accounts. This includes using strong passwords, enabling two-factor authentication, and regularly monitoring account activity for any suspicious behavior.
As the cryptocurrency community continues to navigate the challenges of securing its assets against increasingly sophisticated cyber threats, this incident serves as a stark reminder of the importance of robust security measures and collaboration between exchanges, law enforcement agencies, and cybersecurity experts.
Source: Bleeping Computer — 2026-09-25