User Protection Fund

Bitget suspects North Korea in $387.5M crypto exchange hack

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.

tomshardware.com · 2026-09-28

Bitget loses $351.6M in hack, blames North Korean actors

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.

bleepingcomputer.com · 2026-09-25