$351M Bitget Hack: North Korean Group Suspected in Backend Breach

A $351.6 million breach at Bitget has frozen withdrawals and left users on edge as the exchange investigates.

The hack, which occurred on September 24, involved attackers moving funds from hot and warm wallets without accessing private keys or cold storage. The stolen assets were spread across seven chains, including Ethereum, XRP Ledger, and Arbitrum.

According to blockchain data, the first unauthorized transfer was made just minutes after detection, with attackers pushing forged requests through Bitget's backend systems. Some chain foundations have since frozen hacker addresses, and CEO Gracy Chen has confirmed that some stolen funds have been recovered, although no amount was specified.

The breach is attributed to a highly consistent pattern of North Korean hacker groups, based on IP behavior and on-chain analysis. Chen noted that private keys for all three wallet tiers remained safe, but the controls in front of them failed. The User Protection Fund, valued at over $464 million, covers the full loss.