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Tech News
Bitget CEO Gracy Chen told CNBC that only about $1.1 million of the nearly $388 million stolen in last week's hack has been frozen, and she does not expect to recover much more, citing low recovery rates from past exchange hacks. Chen said user account balances were unaffected and that Bitget replenished its protection fund, which had been drawn down from over $464 million to below $200 million, using the company's own capital.
Bitget disclosed that attackers who stole $387.5 million from its hot and warm wallets last week gained access by exploiting zero-day vulnerabilities in two third-party security appliances. Investigations by SlowMist and Mandiant found the attackers planted a web shell and malware, moved laterally to Bitget's production wallet job server, and used a custom withdrawal tool to execute transfers over roughly three hours starting September 24-25. Bitget had suspended withdrawals after detecting the unauthorized transfers.
Bitget CEO Gracy Chen said a September 24 breach that drained $387.5 million from the exchange showed signs of North Korean state-sponsored hackers, pointing to VPN infrastructure previously linked to such groups. Attackers exploited a backend wallet system, forging transfer approvals to authorize fraudulent withdrawals, while cold wallets and private keys stayed secure. Bitget froze withdrawals temporarily and said its $464 million User Protection Fund would cover the entire loss.
Bitget has reopened Bitcoin withdrawals after suspending them following a breach it says North Korean hackers carried out last week, stealing $387.5 million across multiple chains and tokens. The exchange plans to phase back withdrawals for ETH, USDT and other assets by early October, saying it has fixed the exploited vulnerability and that user balances remain unaffected thanks to its Protection Fund.
Crypto exchange Bitget disclosed a $388 million security breach and said it is 'very likely' the work of North Korean hackers. The company stated that user private keys were not compromised and that a bitcoin-backed protection fund will cover the losses, while withdrawals remain frozen pending an investigation.
Cryptocurrency exchange Bitget said hackers stole more than $351 million from its hot wallets in a Thursday cyberattack, making it the largest crypto theft of the year. The exchange has suspended withdrawals and said its $464 million user protection fund should cover losses, though CEO Gracy Chen did not give a timeline for restoring withdrawals.
Bitget said suspected North Korean hackers stole roughly $351.6 million from its hot and warm wallets after unauthorized transfers were flagged Thursday evening. The exchange has paused withdrawals and enlisted Mandiant and SlowMist to investigate, while saying its cold wallets, self-custodial wallet product, and customer balances remain unaffected.