Bitget Confirms $351.6 Million Loss in Security Breach
Bitget CEO Gracy Chen confirmed a $351.6 million loss from a security breach involving parts of the crypto exchange's hot- and warm-wallet systems. Bitget temporarily suspended withdrawals while security checks and an investigation proceeded, while the available report said its cold wallets were secure. The company said its User Protection Fund, reported at more than $464 million, covered the stated loss.
The primary source directly states that Bitget confirmed more than $350 million was stolen in a major crypto hack. Additional context attributes a $351.6 million loss to a security breach, reports unauthorized transfers from hot- and warm-wallet systems, and states that Bitget temporarily suspended withdrawals during security checks and an investigation. This is a new, material cybersecurity event with forward implications for exchange operations, customer confidence, and sector security spending, rather than prohibited market-performance commentary. The timestamp is the best available estimate for the confirmation announcement, not necessarily the time of the underlying intrusion; confidence is therefore lower for timing than for the core event. Importance is high but below the maximum because the event is concentrated in one exchange, the available report said cold wallets were secure, and Bitget reported a User Protection Fund exceeding the stated loss. CRWD, NICE, AON, and MMC are approved because the incident provides a clear, though indirect, channel for higher cybersecurity, compliance, insurance, and risk-advisory demand. Other proposed stakeholders are excluded because no direct relationship, customer migration, claim, or material exposure is identified.
JUST IN: Bitget confirms more than $350 million was stolen in a major crypto hack.
A $357 million hack of crypto exchange Bitget on Thursday was likely carried out by North Korea-linked hackers, pushing the nation-state’s haul from digital-asset thefts above $1 billion this year, according to analytics firm Elliptic Enterprises Ltd.
Bitget revealed unauthorized transfers of about $350 million from its hot and warm wallets on September 24, blaming suspected North Korean actors, but assured users their balances are safe thanks to a $464 million protection fund.
Bitget Says Cold Wallets And Customer Balances Remain Secure
According to Bitget’s security notice, the incident was contained to part of its hot and warm wallet layers.
Cold wallets were not compromised.
The exchange says customer balances remain accurate and that the entire estimated loss falls within its User Protection Fund, which currently holds more than $464 million.
Withdrawals have been temporarily suspended while the security review continues.
Deposits and trading remain available.
Bitget says it has identified and flagged abnormal transfer addresses and has contacted law enforcement and onchain security firms.