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Bitget loses more than $350 million in internal system breach
Crypto exchange Bitget lost $351.6 million after hackers breached its internal wallet infrastructure. The company says private keys were not compromised, while user funds and cold wallets remain secure.
Bitget CEO Gracy Chen said the attackers gained access to a critical backend system connected to the exchange’s wallet infrastructure. They used it to falsify transaction data and trigger the standard transfer authorization process.
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According to Chen, the attackers did not obtain private keys. Instead, they made Bitget’s infrastructure treat fraudulent transfer requests as legitimate and move funds through its normal transaction approval system.
A preliminary investigation also points to a possible North Korean link. During a live broadcast, Chen said investigators had identified IP addresses associated with VPN services previously used by a DPRK-linked group. She added that the attack pattern also resembled previous operations by North Korean hackers, although the investigation is still ongoing and the company has not reached a final conclusion.
Attack affected hot wallets
Bitget detected unauthorized transfers on September 24. The attack affected some of the exchange’s hot and so-called warm wallets, which it uses to process transactions and manage liquidity.
Cold wallets, which are isolated from internet-connected infrastructure, were not affected. Blockchain analysts had previously spotted unusual transfers from Bitget addresses and initially estimated that around $178–183 million in assets had been moved.
The transactions involved Ethereum, BNB, Avalanche and USDT0. Bitget later confirmed that the total amount of funds exposed in the attack reached $351.6 million.
Exchange suspends withdrawals
Chen said further unauthorized transfers had already been blocked. The exact method used to breach the internal system is still under investigation, and the company is preparing a detailed technical report.
Trading and deposits on Bitget remain available, but withdrawals have been temporarily suspended while the exchange completes a security review. The company has not yet provided a specific timeline for their resumption.
Bitget also said its User Protection Fund holds more than $464 million, enough to fully cover the losses. According to Chen, customer balances remain accurate, and the company intends to absorb the impact of the attack without losses for users.
If the final loss is confirmed at $351.6 million, the Bitget breach could become the largest attack on a crypto company in 2026. Earlier in September, Liquid Network lost around $320 million in a separate incident.
North Korean hackers previously breached 7,000 cryptocurrency accounts across more than 100 countries.
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